Stocks are set to surge again with Dow futures pointing to 170-point gain at the open - CNBC

U.S. stock index futures were higher on Wednesday morning, after Wall Street delivered its second best day of trade for 2019 in the previous session.

At 7 a.m. ET, Dow Jones Industrial Average futures were up 157 points, pointing to a gain of more than 170 points at the open. Futures on S&P 500 were up 0.7%. Nasdaq 100 futures were higher too.

Stocks that were the biggest losers during the sell-off that began in early May were among the biggest winners in premarket trading Wednesday. Nvidia, Apple and Caterpillar all gained in early trading.

The Dow surged more than 500 points on Tuesday after Federal Reserve Chair Jerome Powell signaled hat the central bank was open to easing monetary policy.

Powell stated that the Fed would be keeping an eye on current developments in the economy, and would do what it must do, in order to "sustain the expansion. " Powell did, however, note that the central bank could not determine when or how global trade issues would be settled.

Global stocks followed U.S. shares higher. In Asia, the Nikkei 225 index jumped 1.8% while the Hang Seng gained 0.5%. In Europe, the Stoxx 600 index climbed 0.6%.

Equities around the world were also boosted by easing trade fears. Several Republican lawmakers have noted their opposition to new tariffs on Mexican imports while some have hinted at the possibility of blocking such levies.

Meanwhile, Treasury Secretary Steven Mnuchin is scheduled to meet with People's Bank of China Governor Yi Gang this weekend. This would be the first in-person meeting between key trade negotiators from the U.S. and China.

In terms of economic data, investors will be watching ADP employment numbers at 08:15 a.m. ET, followed by a services PMI at 09:45 a.m. ET and an ISM non-manufacturing index at 10 a.m. ET.

—CNBC's Alex Gibbs contributed to this report.

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https://www.cnbc.com/2019/06/05/stock-market-us-futures-signal-more-gains.html

2019-06-05 11:03:59Z
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