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Stocks – U.S. Futures on Track for Higher Open; Dow Futures Rise 180 Points

imageStock Markets22 hours ago (Aug 05, 2020 07:29AM ET)

(C) Reuters.

By Noreen Burke — U.S. stock futures pointed to a higher open on Wall Street on Wednesday, with the Dow on track for a fourth straight days of gains as Walt Disney (NYSE:DIS) shares soared premarket following better than expected earnings, but gains were held in check as U.S. stimulus talks dragged on.

At 7:30 AM ET (1130 GMT), S&P 500 futures were up 18 points, or 0.7% and Nasdaq 100 futures added 35 points, or 0.3%. The Dow futures contract rose 180 points, or 0.7%.

The gains came after Wall Street ended higher following a volatile session on Tuesday, buoyed up by gains in Apple (NASDAQ:AAPL) and energy stocks.

Among Dow components, Walt Disney jumped 6.1% in premarket trade after it reported revenue declines for its parks and its media networks were not as bad as feared. The entertainment giant squeezed out a quarterly profit despite taking a $5-billion charge due to the pandemic.

Investors were looking ahead to the ADP nonfarm payrolls report, due out at 8:15 AM ET (1215 GMT) which is expected to show that the private sector added 1.50 million jobs in July, slowing after a strong rebound of 2.37 million in June.

The ADP data is a precursor to Thursday’s weekly report on initial jobless claims and Friday’s government nonfarm payrolls report for July.

Both reports are expected to indicate that the U.S. economic activity is stalling amid a surge in COVID-19 infections in parts of the country, underlining the urgent need for more fiscal aid.

White House negotiators on Tuesday vowed to work “around the clock” with congressional Democrats to try to reach a deal on coronavirus relief package by the end of this week.

–Reuters contributed to this report

Stocks – U.S. Futures on Track for Higher Open; Dow Futures Rise 180 Points

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