US pre-open: Stocks called to open higher following losses in previous session
By Iain Gilbert
Date: Wednesday 12 Aug 2020
(Sharecast News) - Wall Street futures were pointing to a positive open ahead of the bell on Wednesday as the S&P 500 looked set to rebound from its first losing session in over a week.
As of 1225 BST, Dow Jones futures were up 0.91%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.72% and 0.87% firmer, respectively.
The Dow closed 104.53 points lower on Tuesday despite Russia giving regulatory approval for the world's first Covid-19 vaccine.
Boosting sentiment before the open on Wednesday was the revelation from Donald Trump that the White House would purchase 100.0m doses of Moderna's experimental Covid-19 vaccine candidate, currently in late-stage human trials.
Oanda's Craig Erlam said: "Wall Street achieved new record highs on Tuesday but it wasn't plain sailing, with sentiment shifting shortly after as stock markets ended the day in negative territory.
"US futures are back in positive territory, up almost 1%, which could be an encouraging sign but it may not be that simple. We need to see a fresh high in the S&P and Dow today and, ideally, an end to the Nasdaq losing streak, to shore up confidence. That may seem a little dramatic but with US yields spiking the last couple of days and delivering a sledgehammer blow to precious metals in the process, reassurance is what investors now need."
Also in focus was former vice president and presidential candidate Joe Biden's announcement that California senator Kamala Harris would join him on the Democratic ticket.
On the macro front, July inflation data will be out at 1330 BST, while last month's budget statement will be released at 1900 BST.
Federal Reserve Bank of Boston head Eric Rosengren will deliver remarks at 1500 BST, while Dallas and San Francisco heads Robert Kaplan and Mary Daly will make speeches at 1600 BST and 2000 BST, respectively.
In corporate news, Cisco Systems and Lyft will both post earnings after the close.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN