Investing.com - Here are the top five things you need to know in financial markets on Wednesday, January 23:
1. U.S. Futures Point Higher
U.S. stock futures are quoted slightly higher after reports that the Senate will vote Thursday on rival proposals to end the partial shutdown of the federal government.
At 5:45AM ET (10:45 GMT), the blue-chip Dow futures were up 82 points, or about 0.34%, the S&P 500 futures was up 8 points, or around 0.30%, while the tech-heavy Nasdaq 100 futures indicated a rise of 22 points, a rise of 0.32%.
Elsewhere, European stocks were mixed with no clear direction, while markets in Asia closed mostly in negative territory against a backdrop of discouraging trade news.
Earlier, the Bank of Japan shaved its forecasts for inflation this year, reassuring markets that its monetary policy will stay easy for the foreseeable future. Markets were also supported by a rise in the yuan after fresh action from the People’s Bank of China to boost domestic liquidity.
Read more: Positive Shift In Risk In Asia; BoJ Adjusts Forecasts: Andrew Robinson
2. U.S.-China Trade Update
Not all the overnight news was positive. Advisers to President Trump said he won’t soften his hard line on trade with China just in return for a promise to buy more U.S. goods.
U.S. Trade Representative Robert Lighthizer said the administration wanted Beijing to move on more structural issues such as intellectual property theft and forced technology transfers.
Officials also had to deny reports that the White House had refused to meet a lower-level delegation ahead of vice-premier Liu He’s visit to Washington D.C. next week.
3. United Tech , P&G, Comcast Highlight Premarket Earnings
Two more Dow components report ahead of the opening bell, as one of the busiest weeks of the fourth-quarter earnings season continues.
United Technologies (NYSE:UTX) is due to report results at 6:55AM ET (11:55 GMT). On average, analysts expect that it earned $1.55 a share on revenue of nearly $17 billion.
Consumer products giant Procter & Gamble (NYSE:PG) is then set to release its results at 7AM ET (12:00 GMT). It is forecast to report a profit of $1.21 per share in sales of about $17 billion, according to estimates.
And cable heavyweight Comcast (NASDAQ:CMCSA) is on the calendar as well. Analysts forecast that Comcast had a profit of 65 cents per share in the latest quarter, with revenue of about $27.5 billion.
Abbott Labs (NYSE:ABT) and Kimberly-Clark (NYSE:KMB) are also set to report earnings in premarket hours.
4. Ford Results Due After the Bell
Things will remain very busy after the market closes, with Ford (NYSE:F) due to release its latest earning reports.
The automaker is expected to report adjusted earnings per share of 32 cents on revenue of $38.63 billion.
Joining Ford after the close will be Texas Instruments (NASDAQ:TXN), United Rentals (NYSE:URI), Lam Research (NASDAQ:LRCX), and Las Vegas Sands (NYSE:LVS).
5. Oil Prices Tick Higher Ahead of API Report
In commodities, oil prices ticked higher ahead of the release of fresh weekly data on U.S. commercial crude inventories.
The American Petroleum Institute is due to release its weekly report for the week ended Jan. 18 at 4:30PM ET (21:30 GMT), amid expectations of a drop of about 435,000 barrels.
U.S. West Texas Intermediate crude futures were up 46 cents, or around 0.9% at $53.48 a barrel.
Meanwhile, international Brent crude oil futures rose 59 cents, or 0.95%, to $62.09 per barrel.