US stock futures are pointing to an upward opening ahead of Wednesday’s trading session, which will include the release of new Federal Reserve economic forecasts.
Major futures indices suggest a 0.3% gain at the start of trading.
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Investors await the outcome of the US Federal Reserve policy meeting later on Wednesday.
Federal Reserve policymakers are expected to keep the benchmark rate at near zero for some time to help the economy recover and will release a statement that economists believe may change some of the language around its existing commitment to buy bonds for support the markets.
It will be another busy morning for economic data, as evidenced by the August retail sales report.
The Commerce Department is expected to say that retail sales were up 1
The National Association of Homebuilders came out with its sentiment index for September. Look for it to remain stable at 78. This would tie the record of 78 in December 1998 and signal that more than three-quarters of NAHB members are in good condition.
FED EXPECTED INCREASE ECONOMIC FORECASTS, EXTEND VOW TO KEEP RATES LOW
Longtime Japanese Prime Minister Shinzo Abe stepped down Wednesday and was replaced by his chief cabinet secretary, Yoshihide Suga. Suga said he intends to pursue Abe’s policies and little change is expected for the world’s third largest economy.
In Asia, Tokyo’s Nikkei was up 0.1%, Hong Kong’s Hang Seng was down 0.1%, and China’s Shanghai Composite Index was down 0.4%
In Europe, the London FTSE slid 0.1%, the German DAX added 0.2%, and the French CAC gained 0.1%.
On Tuesday, the S&P 500 was up 0.5% to 3,401.20 after gaining more than 1% at the start of the session, its second consecutive sizable gain after the benchmark index’s worst week since June.
|I: DJI||DOW JONES AVERAGE||27995.6||+2.27||+ 0.01%|
|SP500||S&P 500||3401.2||+17.66||+ 0.52%|
|I: COMP||COMPOSITE INDEX NASDAQ||11190.324043||+133.67||+ 1.21%|
Big Tech shares rebounded this week after suddenly losing stakes earlier this month due to concerns that their prices had risen too high.
The Dow Jones Industrial Average rose less than 0.1%, to 27,995.60. The Nasdaq, which is heavily weighted with tech stocks, was up 1.2% to 11,190.32.
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A report showed that US industrial production strengthened last month, but not as much as economists expected.
In other exchanges, U.S. benchmark crude oil rose $ 1 to $ 39.28 a barrel in electronic trading on the New York Mercantile Exchange. It was up $ 1.02 to $ 38.28 a barrel on Tuesday.
The Associated Press contributed to this article.