Futures Pointing To Continued Strength On Wall Street

(RTTNews) - After ending the previous session mostly higher, stocks may see further upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.

Technology stocks may help lead the way higher once again, as reflected by the 0.8 percent advance by the tech-heavy Nasdaq 100 futures.

Shares of Micron Technology (MU) are surging by 7.6 percent in pre-market trading after soaring by 19.3 percent on Tuesday following a substantial price target increase by UBS.

An extended slump by the price of crude oil may also generate early buying interest, with U.S. crude oil futures plummeting by 6 percent amid persistent optimism about a U.S.-Iran peace deal.

"Brent crude oil prices remain below $100 per barrel - a good barometer of how talks between Tehran and Washington are perceived to be progressing," said AJ Bell investment director Russ Mould.

He added, "The hope will be that this is finally the week when a real breakthrough is achieved, but should negotiations fail then we could see market patience wear thin."

However, traders may be somewhat reluctant to make significant moves ahead of the release of key U.S. economic data on Thursday, including the Federal Reserve's preferred readings on consumer price inflation.

With technology stocks showing a substantial move to the upside, the tech-heavy Nasdaq surged to a new record closing high on Tuesday. The S&P 500 also advanced to a new record closing high, while the narrower Dow showed a modest move to the downside.

The Dow dipped 118.02 points or 0.2 percent to 50,461.68, but the S&P 500 climbed 45.65 points or 0.6 percent to 7,519.12 and the Nasdaq shot up 312.21 points or 1.2 percent to 26,656.18.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan's Nikkei 225 Index closed slightly higher and South Korea's Kospi surged by 2.3 percent, while China's Shanghai Composite Index slumped by 1.3 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index is up by 1 percent, the German DAX Index is up by 0.6 percent and the U.K.'s FTSE 100 Index is up by 0.2 percent.

In commodities trading, crude oil futures are plummeting $5.82 to $88.07 a barrel after plunging $2.71 to $93.89 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $4,451.20, down $51.10 compared to the previous session's close of $4,502.30. On Tuesday, gold fell $20.90.

On the currency front, the U.S. dollar is trading at 159.34 yen compared to the 159.29 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1657 compared to yesterday's $1.1628.