US equity futures are trading higher ahead of Wednesday’s Wall Street session as optimism about growth rises as President Biden announced a vaccine plan.
The major futures indices suggest a 0.7% gain in the opening bell.
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Following Johnson & Johnson’s recent approval for emergency use of the COVID-19 vaccine, all American adults will be able to receive a coronavirus vaccine by the end of May, President Biden announced Tuesday.
Biden, during a press conference, officially announced that pharmaceutical giant Merck & Co. is partnering with rival Johnson & Johnson to help manufacture its recently approved COVID-19 vaccine in a bid to accelerate the country’s vaccination efforts. a process that started slowly but has accelerated in recent weeks.
Officials in Texas and Mississippi have announced that they are open to the public, having removed COVID restrictions.
BIDEN SAYS COVID-19 VACCINES WILL BE AVAILABLE TO ALL US ADULTS BY THE END OF MAY
Investors have welcomed the moderation in bond prices, which has eased concerns about possible interest rate hikes. Bond yields are down and the 10-year Treasury yield fell as low as 1.40% on Wednesday.
The first of this week’s labor reports will be released on Wednesday morning.
Payroll processing company ADP will issue its National Employment Report for February. Economists are expecting a gain of 177,000 jobs in the private sector, slightly above the much stronger-than-expected January count of 174,000.
The February Institute for Supply Management non-manufacturing report is expected to show expansion in the service sector of the economy holding steady with an index reading of 58.7. Any reading above 50 indicates expansion.
In Europe, London’s FTSE gained 1.1%, Germany’s DAX added 0.9% and France’s CAC was up 0.8%.
Stocks rose in Asia on Wednesday after a shaky day on Wall Street.
Tokyo’s Nikkei 225 Index added 0.5%, Hong Kong’s Hang Seng rose 2.7% and China’s Shanghai Composite Index advanced 1.9%.
On Tuesday, the S&P 500 fell 0.8% to 3,870.29 after a previous switch between small gains and losses. A day earlier, the benchmark had risen 2.4% for its best performance since June. Tech and internet stocks accounted for much of the sales, down from the previous day.
|Me: DJI||DOW JONES AVERAGES||31391.52||-143.99||-0.46%|
|I: COMP||NASDAQ COMPOSITE INDEX||13358.787066||-230.04||-1.69%|
The Dow Jones industrial average lost 0.5% to 31,391.52. The Nasdaq high-tech composite fell 1.7% to 13,358.79.
On Tuesday, Federal Reserve Governor Lael Brainard tried to calm financial markets by emphasizing that the Fed, while generally optimistic about the economy, is still a long way from raising interest rates or cutting its $ 120 billion a month in asset purchases.
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Federal Reserve Chairman Jerome Powell is scheduled to speak on Thursday, and at the end of the week there will be the government’s employment report, which is usually the most prominent economic report of each month. It also includes figures on how much wages are increasing in the economy, a key component of inflation.
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In other trading, US benchmark crude oil rose $ 1.11 to $ 60.91 a barrel in electronic trading on the New York Mercantile Exchange. It lost 89 cents to $ 59.75 a barrel on Tuesday. Brent crude, the international standard, added $ 1.27 to $ 63.97 a barrel.
Associated Press contributed to this article.