BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The Federal Reserve's Beige Book, ADP Employment Report for February, Institute for Supply Management's Services Index as well as the IHS Markit's US Services Purchasing Managers' Index or PMI for February are the major announcements scheduled on Wednesday.
Initial trends on the U.S. Futures Index suggest that Wall Street might open higher. Asian shares finished mostly up, while European shares are trading higher.
As of 7.40 am ET, the Dow futures were adding 180.00 points, the S&P 500 futures were gaining 18.50 points and the Nasdaq 100 futures were progressing 60.75 points.
The U.S. major averages came under pressure on Tuesday, ending the day just off their lows of the session. The Dow fell 143.99 points or 0.5 percent to 31,391.52, the Nasdaq tumbled 230.04 points or 1.7 percent to 13,358.79 and the S&P 500 slid 31.53 points or 0.8 percent to 3,870.29.
On the economic front, ADP Employment Report for February will be released at 8.15 am ET. The consensus is for 165,000, while it was up 174,000 in the prior month.
IHS Markit's US Services Purchasing Managers' Index or PMI for February will be issued at 9.45 am ET. The consensus is for 58.8, while it was 58.7 in the previous month.
Institute for Supply Management's Services Index for February will be shared at 10.00 am ET. The consensus is for 58.7, while it was 58.7 in January.
The Energy Information Administration or EIA's Petroleum Status Report for the week is expected at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 1.3 million barrels and the Gasoline Inventories were 0.0 million barrels.
Three-year, 10-year Treasury Note announcement and 30-year Treasury Bond announcement are scheduled at 11.00 am ET.
The Fed Balance Sheet for the week will be issued at 4.30 pm ET. In the prior week, the level was at $7.590 trillion.
The Beige Book, produced roughly two weeks before the monetary policy meeting of the Fed Open Market Committee is expected at 2.00 pm ET.
Philadelphia Federal Reserve Bank President Patrick Harker will speak on 'Equitable Workforce Recovery' before virtual 2021 AL DIA Roundtable at 10.00 am ET.
Raphael Bostic to speak on 'How Inclusion Powers the Economy' before virtual 'Courageous Conversations with Greenberg Traurig' webinar at 12.00 pm ET.
Chicago Federal Reserve Bank President Charles Evans will speak on current economic conditions and monetary policy before virtual CFA Society Chicago: Distinguished Speaker Series at 1.00 pm ET.
Dallas Federal Reserve Bank President Robert Kaplan will participate in moderated conversation on national and global economic issues before virtual Global Perspectives series hosted by the Federal Reserve Bank of Dallas at 6.05 pm ET.
Asian stocks advanced on Wednesday. Chinese stocks posted strong gains. The benchmark Shanghai Composite index jumped 68.31 points, or 1.95 percent, to 3,576.90 while Hong Kong's Hang Seng index ended up 784.56 points, or 2.70 percent, at 29,880.42.
Markit Economics' services PMI score was 50.2, up from 47.8 in January.
Japanese stocks gained ground. The Nikkei average edged up 150.93 points, or 0.51 percent, to 29,559.10, while the broader Topix index closed 0.51 percent higher at 1,904.54.
Australian markets ended notably higher. GDP rose 3.1 percent in the fourth quarter of 2020, a strong sign the economy is recovering from the coronavirus pandemic.
The benchmark S&P/ASX 200 rallied 55.70 points, or 0.82 percent, to 6,818 while the broader All Ordinaries index ended up 58 points, or 0.83 percent, at 7,067.90.
European shares are trading mostly higher. Among the major indexes in the region, the German DAX is losing 16.94 points or 0.29 percent, the U.K. FTSE 100 Index is gaining 55.38 points or 0.84 percent.
The Swiss Market Index is declining 12.09 points or 0.11 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.54 percent.
Copyright RTT News/dpa-AFX