Futures point to a positive open
U.S. stock futures were higher on Wednesday morning after the S&P 500 climbed to a record closing-high in the previous session, capping a remarkable comeback supported by tech stocks and hopes among traders about the global economy’s ability to bounce back from the COVID-19 pandemic.
As of 5:40 a.m. ET, the blue-chip Dow futures were up 45.5 points, or 0.16% to 27,762.5. The S&P 500 futures added 5.12 points, or 0.15% to 3,392.12 while the tech-heavy Nasdaq 100 futures rose 15.75 points, or 0.14% to 11,425.
Target, Lowes, and Nvidia earnings on tap
On the earnings front, traders are a slew of quarterly results from retail companies including Target (NYSE: TGT), Lowe’s (NYSE: LOW), and TJX (NYSE: TJX) ahead of the opening bell.
Target is forecast to have earned $1.46 per share on revenue of $19.67 billion in the quarter. Analysts expect Lowe’s to report earnings of $2.70 per share on revenue of $23.42 billion, while TJX is projected announce a loss of 16 cents per share on revenue of $6.42 billion.
Chipmaker Analog Devices (NASDAQ:ADI), which will also report before the bell, is seen posting earnings of $1.28 per share on revenue of $1.43 billion.
Nvidia (NASDAQ: NVDA) is expected to report earnings of $1.97 per share on revenue of $3.65 billion after the market close.
Fed minutes eyed
Meanwhile, the U.S. Federal Reserve is scheduled to publish minutes from its latest monetary policy meeting today at 2:00 p.m. ET. The minutes will provide traders with details from the July 28-29 meeting
At that meeting, the central bank left its benchmark interest rate unchanged near zero and vowed to use all of its tools to support the American economy during the coronavirus pandemic.
Democrats officially nominate Biden for president
In other news, Democrats have formally nominated Joe Biden to be their candidate in the November presidential election. The former Vice President secured the 2,374 delegate votes needed for the nomination at the party’s virtual convention on Tuesday night.
“Thank you very, very much from the bottom of my heart. Thank you all. It means the world to me and my family, and I’ll see you on Thursday,” Biden said after clinching the nomination.
Trump is set to officially accept his party’s nomination for a second term at the White House during the Republican National Convention next week.