By Peter Nurse
Fintech Zoom – U.S. stocks are seen opening higher Wednesday, amid growing optimism that the country’s ramped-up vaccination program will lead a prompt and strong economic recovery.
At 7:10 AM ET (1210 GMT), the contract was up 210 points, or 0.7%, traded 21 points, or 0.6%, higher, and climbed 73 points, or 0.6%.
President announced late Tuesday that the U.S. will have sufficient Covid-19 vaccines to vaccinate every adult by the end of May, two months ahead of schedule. This follows Merck agreeing to help rival Johnson & Johnson (NYSE🙂 ramp up the manufacture of its single-shot vaccine.
The vaccine rollout is seen as a key part in getting the country back to work and for the economy to recover. Already , the second biggest U.S. state by population, has said it will lift its mask requirement and would allow businesses to fully reopen next week.
This comes with President Joe Biden’s $1.9 trillion Covid relief bill now in the Senate, after having passed through the House of Representatives.
Focus will turn to the release of data for February, at 8:15 AM ET (1315 GMT), as an indicator of how Friday’s official will turn out. Expectations are for a gain of 177,000 during the month versus the 174,000 added in January.
Also on the economic data slate Wednesday is the release, at 10 AM ET, as well as the Federal Reserve’s , four hours later.
Meanwhile, in the corporate sector, earnings are due from the likes of spirits company Brown Forman (NYSE:), discount retailer Dollar Tree (NASDAQ:) and fast food chain Wendy’s (NASDAQ:) before the opening bell.
Oil prices pushed higher Wednesday even as the world’s top producers prepared to discuss increasing output.
Thursday sees the Organization of the Petroleum Exporting Countries and allies, including Russia, get together to discuss potentially easing production cuts in the light of a rally that has taken prices to 13-month highs. .
Saudi Arabia earlier this year unilaterally cut its output by 1 million barrels a day for February and March.
The reported Tuesday stocks rose by 7.4 million barrels in the week to Feb. 26, and official numbers from the U.S. are due at 10:30 AM ET. The numbers are still affected by the widespread refinery closures in the South last week after an extreme cold snap.
U.S. crude futures traded 1.6% higher at $60.70 a barrel, while the international benchmark contract rose 1.6% to $63.68.
Elsewhere, fell 0.6% to $1,722.40/oz, while traded 0.2% lower at 1.2064.
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