Par Noreen Burke
Investing.com – US equity futures pointed to a higher open on Wall Street on Wednesday, with the Dow on track for a fourth consecutive day of gains as Walt Disney (NYSE 🙂 soared before market launch after better-than-expected earnings, but gains were contained as US stimulus negotiations dragged on.
As of 7:30 am ET (11:30 am GMT), were up 18 points, or 0.7%, and added 35 points, or 0.3%. The contract increased by 180 points, or 0.7%.
The gains came after Wall Street ended higher after a volatile session on Tuesday, supported by gains from Apple (NASDAQ 🙂 and energy stocks.
Among Dow’s components, Walt Disney jumped 6.1% in pre-market trading after reporting that the revenue drops for its parks and media networks were not as severe as feared. The entertainment giant made quarterly profit despite being charged $ 5 billion due to the pandemic.
Investors have been eagerly awaiting the report, due at 8:15 a.m. ET (12:15 GMT), which is expected to show the private sector added 1.50 million jobs in July, slowing after a strong rebound of 2.37 million in June.
ADP data is a precursor to Thursday’s weekly report and Friday’s government report for July.
Both reports are expected to indicate that economic activity in the United States is stagnating amid soaring COVID-19 infections in parts of the country, underscoring the urgent need for increased tax assistance.
White House negotiators on Tuesday pledged to work “around the clock” with Congressional Democrats to try to reach an agreement on the coronavirus relief plan by the end of this week.
–Reuters contributed to this report
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