Wall Street Targets To Open In Positive Territory

(RTTNews) - Projections of a potential interim agreement to reopen the Strait of Hormuz boosted market sentiment on Wednesday.

In the Asian trading session, oil prices recovered. Brent crude futures were up 1.2 percent at $80.30 per barrel. The U.S. dollar hovered near a six-week low in Asian trade

Gold prices surged 2 percent. Spot gold jumped 2 percent to $4,157.25 an ounce while U.S. gold futures were up 1.5 percent at $4,216.22.

Initial signs from the U.S. Futures Index suggest that Wall Street might open higher.

As of 8.00 am ET, the Dow futures were up 262.00 points, the S&P 500 futures were adding 35.75 points and the Nasdaq 100 futures were progressing 59.00 points.

The U.S. major averages finished higher on Tuesday. The Dow rallied 907.47 points or 1.71 percent to finish at 54,085.88, while the NASDAQ soared 671.10 points or 2.59 percent to end at 26,584.99 and the S&P 500 jumped 136.02 points or 1.79 percent to close at 7,736.52.

On the economic front, the PMI Composite Final for July will be issued at 9.45 am ET. The consensus is 53.6, while the flash was 53.6.

The ISM Services Index for July will be revealed at 10.00 am ET. The consensus is 54.5, while it was up 54.0 in June.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be published at 10.30 am ET. In the prior week, the crude oil inventories were down 7.2 million barrels, while Gasoline Inventories were 0.0 million barrels.

Economist Lisa Cook will speak on the economic outlook before the Anchorage Economic Development Corporation (AEDC) 2026 Economic Luncheon at 4.05 pm ET.

Mary Daly will give keynote before the Economic and Social Research Institute International Conference at 8.35 pm ET.

Asian stocks followed Wall Street higher on Wednesday. China's Shanghai Composite index rose 1.47 percent to 3,878.43. Hong Kong's Hang Seng index edged up by 0.24 percent to 25,915.82.

Japanese markets closed at a two-week high. The Nikkei average surged 3.66 percent to 66,300.44 while the broader Topix index settled 2.13 percent higher at 4,046.17.

Australian markets hit a record high. The benchmark S&P/ASX 200 climbed 0.90 percent to 9,227.80 while the broader All Ordinaries index closed 1 percent higher at 9,405.40.