Stocks expected to open higher with data, oil in focus

U.S. stock index futures pointed to a slightly higher open on Wednesday, with investors preparing for more economic data, while waiting patiently to see if the Dow Jones hits 20,000.

On the data front, Wednesday will see the release of the pending home sales data, due out at 10.00 a.m. ET, as well as mortgage applications, expected at 7.00 a.m. ET.

In oil markets, WTI and Brent crude futures posted slight gains on Wednesday, with the market in “wait and see” mode, ahead of the official start—due January 1, 2017—of the supply cut deal, reached by OPEC and non-OPEC members recently, Reuters reported.

West Texas Intermediate crude was trading around $54.20, while Brent was slightly higher, around $56.45 per barrel in early trade.

Amid the festive trading season, European stocks traded mixed on Wednesday morning, while Asia-Pacific indexes closed mostly higher with the exception of a handful of markets, including South Korea’s KOSPI, the Shenzhen Composite and Shanghai Composite.

U.S. indexes ended their previous session slightly higher, with the Nasdaq composite setting a closing record, however the Dow Jones’ has yet to hit the 20,000 mark.

No earnings are expected to be released on Wednesday. The U.S. Treasury is holding two bond auctions today.

Source: CNBC