Wall Street Set To Open Moderately Positive

(RTTNews) - Reports on private sector employment and service sector activity might be the focus on Wednesday.

In the Asian Trading session, gold held steady near $3,360 per ounce. The dollar recovered, while Oil prices were little changed.

Initial trends on the U.S. Futures Index suggest that Wall Street might open positive.

As of 8.10 am ET, the Dow futures were gaining 68.00 points, the S&P 500 futures were progressing 6.50 points and the Nasdaq 100 futures were up 20.00 points.

The U.S. major averages ended Tuesday firmly positive. The Nasdaq advanced 156.34 points or 0.8 percent to 19,398.96, the S&P 500 climbed 34.43 points or 0.6 percent to 5,970.37 and the Dow rose 214.16 points or 0.5 percent to 42,519.64.

On the economic front, the PMI Composite Final for May will be issued at 9.45 am ET. The consensus for composite index an increase of 5.21, in line with the Flash estimates, while it was up 50.6 in April. The Services Index for May is expected to be up 52.3, while it was 50.8 in the prior month.

The ISM Services Index for May is scheduled at 10.00 am ET. The consensus is 52.0, while it was up 51.6 in the previous month.

The Energy Information Administration or EIA's Petroleum Status Report for the week is expected at 10.30 am ET. In the prior week, the Crude Oil Inventories were down 2.8 million barrels and the gasoline inventories were down 2.4 million barrels.

The Beige Book, usually published two weeks before the monetary policy meeting of the Federal Open Market Committee will be released at 2.00 pm ET.

Asian stocks advanced on Wednesday. China's Shanghai Composite index rose 0.42 percent to 3,376.20 and Hong Kong's Hang Seng index gained 0.60 percent to close at 23,654.03.

Japanese markets gained. The Nikkei average jumped 0.80 percent to 37,747.45 while the broader Topix index settled 0.51 percent higher at 2,785.13.

Australian markets rose sharply. The benchmark S&P/ASX 200 jumped 0.89 percent to 8,541.80. The broader All Ordinaries index closed 0.91 percent higher at 8,770.20.