US stock futures edged slightly higher on Wednesday, as investors waited to see whether a speech from Federal Reserve chairwoman Janet Yellen would shed light over the timing of an interest rate hike.
The Dow Jones Industrial Average is expected to open up approximately 26 points, while the S&P 500 and the Nasdaq are set to begin the session respectively two and nine points higher.
Economic data in focus
The economic calendar is packed with important releases on Wednesday, starting with a report on jobs added in the private sector for October, scheduled for release at 1315 GMT.
“ADP numbers today mark the start of the countdown to non-farm payrolls on Friday, and with expectations at their lowest level since March 2014 it will be interesting to see how the figures are received,” said IG’s market analyst Alastair McCaig.
Trade deficit figures for September are on tap at 1330 GMT, followed by the Institute for Supply Management non-manufacturing survey for October at 1500 GMT.
Investors will also hear from a number of Fed speakers, with Janet Yellen speaking to the House of Financial Services panel at 1500 GMT, while New York Fed president William Dudley will give a press briefing on research on income inequality at 1930 GMT.
Finally, Fed vice chairman Stanley Fischer will speak to the National Economists Club at 2300 GMT.
On Wednesday’s pre market session, shares in Cognizant Technology Solutions Corp (NASDAQ:CTSH) rose 0.09% at the price of $68.20. Cognizant Technology Solutions Corp’s shares have surged 4.65% in the last one month, +1.19% in the previous three months and +29.40% on YTD basis. The company is trading 6.40% up its 50-day moving average and 8.96% above its 200-day moving average. Moreover, shares of Cognizant Technology Solutions Corp have an RSI of 60.65. Cognizant Technology Solutions Corp (NASDAQ:CTSH) proclaimed recently that Genomics England , a wholly owned company of the Department of Health, has selected Cognizant as a technology partner to help design and implement the IT operating environment for the 100,000 Genomes Project. The 100,000 Genomes Project aims to sequence 100,000 whole genomes from NHS patients and their families, of which around 70,000 are participants with certain types of cancer or rare diseases. The project aims to enable new scientific discovery, medical insights and diagnostics. When completed, the NHS will be able to offer genomic medicine and personalised treatments to patients with conditions that are currently hard to treat.
Tenaris SA (ADR) (NYSE:TS) stocks surged 1.88% in today’s pre market session with the price of $26.59. Over the last one month and over the past three months, Tenaris SA’s shares have lost -1.88% and +9.80%, respectively. Furthermore, the stock has plummeted -11.90% since the start of this year. The company’s shares are trading 1.33% above their 50-day moving average. Additionally, Tenaris SA has an RSI of 50.98 and beta of 1.42. Tenaris SA (ADR) (NYSE:TS) through its subsidiaries, manufactures and supplies steel pipe products and related services for the energy and other industrial applications. It offers products for oil and gas drilling operations that include casings and tubings, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn tubes, tubular and non-tubular accessories, and devices, as well as technical consulting, pipe management, and field services.
On Wednesday’s pre market, shares in Transocean LTD (NYSE:RIG) recorded increase of 1.07% at $17.00. Transocean LTD’s stock has surged 14.50% in the last one month, +37.87% in the previous three months and -6.46% on YTD basis. The company is trading above its 50-day and 200-day moving averages by 15.80% and 6.73%, respectively. Furthermore, shares of Transocean LTD have an RSI of 62.55 and ATR of 0.92. Transocean LTD (NYSE:RIG) reported that at Extraordinary General Meeting shareholders elected Jeremy D. Thigpen, the company`s President and Chief Executive Officer, as a member of the Board of Directors for a term extending until completion of the company`s 2016 Annual General Meeting. The cancellation of the third and fourth installments of the dividend approved on May 15, 2015 at the company`s annual general meeting; A reduction of the par value of each share of the company to CHF 0.10 from currently CHF 15; and The cancellation of all shares repurchased to date under the company`s share repurchase program approved in 2009.