Futures Pointing To Modestly Higher Open On Wall Street

(RTTNews) - Following the pullback seen over the course of the previous session, stocks may move back to the upside in early trading on Wednesday. The major index futures are currently pointing to a modestly higher open for the markets, with the S&P 500 futures up by 0.2 percent.

The markets may benefit from a positive reaction to some of the latest earnings news, as shares of McDonald's (MCD) are surging by 4.0 percent in pre-market trading.

The jump by McDonald's comes after the fast food giant reported second quarter results that exceeded analyst estimates on both the top and bottom lines.

Shares of Shopify (SHOP) are also seeing significant pre-market strength after the e-commerce platform reported better than expected second quarter revenues and provided upbeat third quarter guidance.

Entertainment giant Disney (DIS) is also moving higher in pre-market trading after reporting fiscal third quarter earnings that exceeded expectations.

On the other hand, shares of Super Micro Computer (SMCI) may come under pressure after the server maker reported weaker than expected fiscal fourth quarter results and provided disappointing first quarter guidance.

Social media platform Snap (SNAP) may also move to the downside after reporting second quarter revenues that missed analyst estimates.

Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.

After initially extending Monday's rally in early trading, stocks moved mostly lower over the course of the session on Tuesday. The major averages all moved to the downside, partly offsetting the previous session's strong gains.

The major averages all finished the day in negative territory. The Nasdaq slid 137.03 points or 0.7 percent to 20,916.55, the S&P 500 fell 30.75 points or 0.5 percent to 6,299.19 and the Dow edged down 61.90 points or 0.1 percent to 44,111.74.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index climbed by 0.6 percent, while China's Shanghai Composite Index rose by 0.5 percent.

The major European markets have also moved to the upside on the day. While the German DAX Index is up by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both up by 0.3 percent.

In commodities trading, crude oil futures are climbing $0.84 to $66 a barrel after tumbling $1.13 to $65.16 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $3,419.30, down $15.40 compared to the previous session's close of $3,434.70. On Tuesday, gold rose $8.30.

On the currency front, the U.S. dollar is trading at 147.52 yen compared to the 147.62 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1606 compared to yesterday's $1.1575.