U.S. stock futures continued higher on Wednesday, lifted by China trade data and ahead of minutes from the March Federal Open Market Committee meeting later this afternoon.
Futures on the three main U.S. market indices were up between 0.2% and 0.3%.
Investors were focused on the fact that China posted a trade deficit in March, compared to expectations for a surplus of $14.7 billion, as imports jumped and exports rose less than expected, supporting the view that domestic consumption in the country is on the up even if foreign demand is waning.
The U.S. economic calendar is empty of any major data on Wednesday, but traders will be closely focused on the release of the minutes of the March 19-20 Fed meeting, due at 2 pm ET.
Tuesday, the Dow finished at a record closing high of 14,673.46, up almost 60 points on the day, while the S&P 500 finished within a few points of its record finish set earlier this month, as investors were encouraged by Alcoa's (NYSE:AA) solid start to the first quarter earnings season. The aluminum maker beat on profit estimates, despite revenue falling short of forecasts.
In corporate news today, earnings season was beginning to get underway, as Constellation Brands (NYSE:STZ) reported a sharp drop in fourth quarter net income, with earnings per share coming in below analyst expectations, despite sales rising 11% to $696 million.
Family Dollar Stores Inc. (NYSE:FDO) said Wednesday that its fiscal second-quarter net income rose, as more customers came in to its stores and spent more, with the company also benefitting from an extra week in the latest period. The retailer, however, lowered its full year view, citing continued pressure on discretionary sales due to cash strapped customers and cold spring weather. Shares dropped more than 4% in premarket action.
Elsewhere, shares of First Solar (NASDAQ:FSLR) dropped 3.7% after gaining sharply on Tuesday following its full year guidance that well topped analyst estimates.
Tenet Healthcare Corp. (NYSE:THC) shares fell almost 4% before the opening bell Wednesday as shares were downgraded to a hold rating from buy by Deutsche Bank.
In media reports, the Wall Street Journal reported that Yahoo (NASDAQ:YHOO) and Apple (NASDAQ:AAPL) are discussing how to add more content from Yahoo News to Apple's iPhones and iPads, though a deal is reportedly not expected soon. Shares of Yahoo gained 1.5% premarket on the news.
*Commodities *
Crude oil for May delivery fell 56 cents to $93.64 a barrel, while gold futures shed $8.20 to $1,578.50 an ounce as Goldman Sachs cut its view for gold prices this year and next, citing weak conviction to hold the yellow metal.
*Europe*
European markets were broadly higher today with shares in France leading the region. The CAC 40 was lately up 1.10% in early afternoon trade, while Germany's DAX rose 1.01% and England's FTSE 100 advanced 0.73%. Reported by Proactive Investors 4 hours ago.
Futures on the three main U.S. market indices were up between 0.2% and 0.3%.
Investors were focused on the fact that China posted a trade deficit in March, compared to expectations for a surplus of $14.7 billion, as imports jumped and exports rose less than expected, supporting the view that domestic consumption in the country is on the up even if foreign demand is waning.
The U.S. economic calendar is empty of any major data on Wednesday, but traders will be closely focused on the release of the minutes of the March 19-20 Fed meeting, due at 2 pm ET.
Tuesday, the Dow finished at a record closing high of 14,673.46, up almost 60 points on the day, while the S&P 500 finished within a few points of its record finish set earlier this month, as investors were encouraged by Alcoa's (NYSE:AA) solid start to the first quarter earnings season. The aluminum maker beat on profit estimates, despite revenue falling short of forecasts.
In corporate news today, earnings season was beginning to get underway, as Constellation Brands (NYSE:STZ) reported a sharp drop in fourth quarter net income, with earnings per share coming in below analyst expectations, despite sales rising 11% to $696 million.
Family Dollar Stores Inc. (NYSE:FDO) said Wednesday that its fiscal second-quarter net income rose, as more customers came in to its stores and spent more, with the company also benefitting from an extra week in the latest period. The retailer, however, lowered its full year view, citing continued pressure on discretionary sales due to cash strapped customers and cold spring weather. Shares dropped more than 4% in premarket action.
Elsewhere, shares of First Solar (NASDAQ:FSLR) dropped 3.7% after gaining sharply on Tuesday following its full year guidance that well topped analyst estimates.
Tenet Healthcare Corp. (NYSE:THC) shares fell almost 4% before the opening bell Wednesday as shares were downgraded to a hold rating from buy by Deutsche Bank.
In media reports, the Wall Street Journal reported that Yahoo (NASDAQ:YHOO) and Apple (NASDAQ:AAPL) are discussing how to add more content from Yahoo News to Apple's iPhones and iPads, though a deal is reportedly not expected soon. Shares of Yahoo gained 1.5% premarket on the news.
*Commodities *
Crude oil for May delivery fell 56 cents to $93.64 a barrel, while gold futures shed $8.20 to $1,578.50 an ounce as Goldman Sachs cut its view for gold prices this year and next, citing weak conviction to hold the yellow metal.
*Europe*
European markets were broadly higher today with shares in France leading the region. The CAC 40 was lately up 1.10% in early afternoon trade, while Germany's DAX rose 1.01% and England's FTSE 100 advanced 0.73%. Reported by Proactive Investors 4 hours ago.