LONDON: U.S. stock futures pointed to a higher open on Wednesday, joining in a global advance led by energy stocks as crude prices rose about 2%.
Investors also will look out for quarterly earnings from Constellation Brands Inc. STZ, -0.70% and Monsanto Co. MON, +0.42% that are due ahead of the opening bell.
S&P 500 futures ESZ5, +0.54% rose 13.40 points, or 0.7%, to 1,982, while Dow Jones Industrial Average YMZ5, +0.51% futures gained 111 points, or 0.7%, to 16,783. Nasdaq 100 NQZ5, +0.72% futures tacked on 36 points, or 0.8%, to 4,326.25.
On Tuesday, the S&P 500 SPX, -0.36% closed 0.4% lower at 1,979.92, snapping a five-day losing streak, while the Dow DJIA, +0.08% was up less than 0.1%.
Investors “need the S&P 500 to make a run and a break through 2,000,” and that would energize other markets, said Scott Schuberg, CEO of Rivkin Securities in Australia, in a note late Tuesday. The U.S. stock benchmark is down 3.8% for the year.
Other markets: November West Texas Intermediate crude CLX5, +1.71% rose more than 2% early Wednesday. That built on Tuesday’s 4.9% gain, which came amid signs of cuts to oil investments and lower crude supplies.
Energy shares helped lead the way higher for European SXXP, +0.55% and Asian markets ADOW, +3.05% early Wednesday. Trading remains closed for a holiday in Shanghai, and Japan’s central bank kept its monetary policy unchanged.
Gold GCZ5, +0.11% and the dollar DXY, +0.11% both inched higher.
Stocks to watch: Beyond earnings before the open for Constellation and Monsanto, investors are focused on the latest release from Yum Brands Inc. YUM, -17.41%.
