ADP jobs report on deck ahead of the bell
U.S. stocks were set for another day in positive territory on Wednesday, with a premarket rally for Apple sending Nasdaq futures sharply higher and putting the Dow average on track to top 22,000.
Traders were also looking ahead to the closely watched ADP jobs report and another raft of earnings, including those from Time Warner Inc. and Tesla Inc.
Futures for the Dow Jones Industrial Average were up 44 points, or 0.2%, to 21,948. The blue-chip benchmark on Tuesday closed up 0.3% (http://www.marketwatch.com/story/dow-futures-jump-more-than-100-points-signal-all-time-high-at-the-open-2017-08-01) at 21,963.92, and a 44-point gain at the open would take the index above the 22,000 handle for the first time.
Meanwhile, futures for the Nasdaq-100 index rose 45.50 points, or 0.8%, to 5,9934.50 on Wednesday, fueled by a rally in Apple Inc. shares (AAPL) .
Read:Apple's earnings-driven gain puts the Dow on pace to top 22,000 (http://www.marketwatch.com/story/apples-earnings-driven-gain-puts-the-dow-on-pace-to-top-22000-2017-08-02)
Futures for the S&P 500 index climbed 1.70 points, or 0.1%, to 2,474. The Nasdaq Composite and S&P both rose 0.2% on Tuesday, breaking a three-session losing run.
"U.S. investors have continued to turn a deaf ear to the ongoing political intrigue unfolding in Washington DC, however that could well change if the comings and goings turn into something that could prompt the possible impeachment of the president," said Michael Hewson, chief market analyst at CMC Markets, in a note.
"For now the direction of travel continues to remain positive, with the Dow in touching distance of the 22k level," he added.
The ongoing drama at the White House continued this week, after communications director Anthony Scaramucci on Monday was removed from his post (http://www.marketwatch.com/story/anthony-scaramucci-ousted-as-white-house-communications-director-2017-07-31-151031643) after just 10 days in the job.
Opinion: If Trump were America's CEO, he would be gone by now (http://www.marketwatch.com/story/if-trump-were-americas-ceo-he-would-be-gone-by-now-2017-07-31)
Stock movers: Shares of Apple jumped 6.2% in heavy premarket trade Wednesday after the tech giant late Tuesday reported stronger-than-expected quarterly earnings (http://www.marketwatch.com/story/apple-shares-soar-as-fiscal-third-quarter-earnings-beat-expectations-2017-08-01) and iPhone sales that met expectations. The stock is now on track to open at a record level, taking out the previous high of $156.65 set in May, according to FactSet data.
"The solid guidance on unit sales for the 4th quarter eased concerns that the new iPhone launch would be hampered by production delays," said Jasper Lawler, head of research at London Capital Group, in a note.
Match Group Inc.(MTCH) slid 6% ahead of the bell after the online dating company late Tuesday turned in earnings that fell short of forecasts (http://www.marketwatch.com/story/match-group-shares-slip-after-earnings-miss-announced-leadership-shuffle-2017-08-01) and announced a new chief executive.
Earnings docket: Reports due before the bell include Humana Inc.(HUM) , Mondelez International Inc.(MDLZ) , Time Warner Inc.(TWX) , SodaStream International Ltd.(SODA) and Molson Coors Brewing Co.(TAP) .
And after the market closes, Tesla Inc.(TSLA) , Fitbit Inc.(FIT) and American International Group Inc.(AIG) are among major companies slated to report.
Read:Tesla earnings -- Will Model 3 live up to the hype? (http://www.marketwatch.com/story/tesla-earnings-will-model-3-live-up-to-the-hype-2017-07-27)
Economic news: In an otherwise busy week for economic data, the only major release Wednesday is the ADP private payrolls report for July, expected at 8:15 a.m. Eastern Time.
The data are seen as a precursor of the strength of the top-tier nonfarm payrolls report out on Friday, although the two jobs figures sometimes wary widely.
Read:Ignoring Washington chaos, companies likely kept up strong hiring in July (http://www.marketwatch.com/story/ignoring-washington-chaos-companies-likely-kept-up-strong-hiring-in-july-2017-07-30)
Opinion:U.S. economy needs to create 4.4 million more jobs (http://www.marketwatch.com/story/economy-needs-to-create-44-million-more-jobs-2017-07-31)
In Federal Reserve news, Cleveland Fed President Loretta Mester will give a speech on the economic outlook at the Community Bankers Association of Ohio's annual convention in Cincinnati Ohio at 11 a.m. Eastern.
San Francisco Fed president John Williams will talk about monetary policy in Las Vegas, NV at 3:30 p.m. Eastern.
Other markets: The dollar resumed its selloff Wednesday, with the ICE Dollar Index down 0.2% at 92.829.
Oil prices were also mired in red (http://www.marketwatch.com/story/oil-extends-losses-as-oversupply-fears-return-us-data-loom-2017-08-02), extending losses after the American Petroleum Institute on Tuesday said U.S. crude inventories unexpectedly rose last week, by 1.8 million barrels.
Gold dropped 0.5% to $1,272.60 an ounce.
Asian markets closed mixed (http://www.marketwatch.com/story/asian-markets-get-boost-from-apples-strong-earnings-2017-08-01), European stocks traded mostly lower.
(END) Dow Jones Newswires
August 02, 2017 05:41 ET (09:41 GMT)