Wall Street Set To Open Significantly Higher

(RTTNews) - Early signs from the U.S. Futures Index suggest that Wall Street might open higher. In the Asian trading hours, the dollar rebounded.

In the corporate segment, Tesla reported reduced first quarter results, however, shares are gaining more than 7 percent as Musk limited his role in Government. The European Commission has slapped 500 million euros and 200 million euros fines to tech giants Apple and Meta Platforms Inc., respectively.

Meanwhile, President Donald Trump softened threats and said no plans to dismiss Federal Reserve Chair Jerome Powell.

As of 8.15 am ET, the Dow futures were up 693.00 points, the S&P 500 futures were adding 124.75 points and the Nasdaq 100 futures were progressing 521.25 points.

The U.S. major averages finished positive on Tuesday. The Dow soared 1,016.57 points or 2.7 percent to 39,186.98, the Nasdaq spiked 429.52 points or 2.7 percent to 16,300.41 and the S&P 500 shot up 129.56 points or 2.5 percent to 5,287.76.

On the economic front, the PMI Composite Flash for April will be published at 9.45 am ET. In the prior month, the composite Index was 53.5. The consensus for Manufacturing Index was 49.4, while it was up 50.2 in the prior month. Consensus for Services Index was 52.5 and in the prior month, the Index was at 54.4.

The New Home Sales for March will be issued at 10.00 am ET. The consensus is 682K, while it was up 676K in the prior month.

Atlanta Fed Business Inflation Expectations for April will be revealed at 10.00 am ET. In the prior month, the inflation expectations were up 2.5 percent.

The Energy Information Administration or EIA's Petroleum Status Report for the fourth week is scheduled at 10.30 am ET. In the prior week, the crude oil inventories were up 0.5 million barrels and the gasoline inventories were down 2.0 million barrels.

Two-year floating rate note or FRN auction will be held at 11.30 am ET. Five-year Treasury Note auction will be held at 1.00 pm ET.

The Beige Book, published two weeks before the monetary policy meetings of the Federal Open Market Committee is scheduled at 2.00 pm ET.

Chicago Fed President Austan Goolsbee will speak virtually before the Economic Mobility Summit sponsored by the Federal Reserve Bank of Philadelphia at 9.00 am ET.

Fed Governor Christopher Waller and St. Louis Fed President Alberto Musalem will give opening remarks before a 'Fed Listens' event hosted by the Federal Reserve Bank of St. Louis at 9.35 am ET. Alberto Musalem will give closing remarks at 2.35 pm ET.

Cleveland Fed President Beth Hammack will speak before the Money Marketeers of New York University at 6.30 pm ET.

Asian stocks finished higher on Wednesday. Chinese markets were lower. The Shanghai Composite index closed down 0.1 percent at 3,296.36. Hong Kong's Hang Seng index rallied 2.37 percent to 22,072.62.

Japanese markets closed higher. The Nikkei average jumped 1.89 percent to 34,868.63. The broader Topix index settled 2.06 percent higher at 2,584.32.

Australian markets advanced. The benchmark S&P/ASX 200 rose 1.33 percent to 7,920.50 while the broader All Ordinaries index closed 1.39 percent higher at 8,125.20.