WASHINGTON (dpa-AFX) - Stocks are likely to move to the upside in early trading on Wednesday, adding to the strong gains posted over the past several sessions. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.5 percent.
The markets may continue to benefit from recent upward momentum, which has propelled the Dow and S&P 500 to new record highs.
Buying interest has recently been generated in reaction to a sharp decline by the price of crude oil, which plunged by more than 10 percent over the two previous sessions.
While crude oil prices are regaining some ground during today's trading, traders remain optimistic about an agreement to once again reopen the Strait of Hormuz.
The Dow may benefit from a sharp increase by shares of Disney (DIS), with the entertainment giant surging by more than 3 percent in pre-market trading after reporting better than expected fiscal third quarter earnings.
In U.S. economic news, payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by less than expected in the month of July.
The report said private sector employment rose by 44,000 jobs in July after climbing by a downwardly revised 95,000 jobs in June.
Economists had expected private sector employment to grow by 75,000 jobs compared to the addition of 98,000 jobs originally reported for the previous month.
Shortly after the start of trading, the Institute for Supply Management is scheduled to release its report on service sector activity in the month of July. The services PMI is expected to inch up to 54.5 in July from 54.0 in June, with a reading above 50 indicating growth.
Extending the strong upward move seen over the past few sessions, stocks moved sharply higher during trading on Tuesday. The major averages all showed significant moves to the upside, with the Dow and S&P 500 reaching new record closing highs.
The major averages pulled back off their highs going into the close but remained firmly positive. The Dow rallied 907.47 points or 1.7 percent to 54,085.88, the NASDAQ soared 671.10 points or 2.6 percent to 26,584.99 and the S&P 500 jumped 136.02 points or 1.8 percent to 7,736.52.
The major European markets have also moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 0.5 percent, the German DAX Index is up by 0.2 percent and the French CAC 40 Index is up by 0.1 percent.
In commodities trading, crude oil futures are climbing $0.56 to $76.33 a barrel after plummeting $4.57 to $75.77 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $4,256.60, up $104 compared to the previous session's close of $4,152.60. On Tuesday, gold jumped $62.10.
On the currency front, the U.S. dollar is trading at 157.58 yen compared to the 157.72 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1548 compared to yesterday's $1.1529.
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