RTTNews - After ending the previous session modestly higher, stocks are likely to see some further upside on Wednesday as traders react to another slew of economic and earnings figures. The major index futures are all in positive territory, with the Dow futures up by 81 points.
The U.S. Labor Department revealed that consumer prices climbed 0.7 percent in June compared to the previous month. Economists had projected an advance of about 0.6 percent.
Compared to the same period last year, consumer prices were down 1.4 percent, the largest year-over-year decline since 1950.
Core prices, which exclude the volatile food and energy sectors, advanced 0.2 percent compared to the previous month. Economists had expected an increase of 0.1 percent.
In a separate report, the New York Fed reported that conditions for New York manufacturers were roughly flat in July, with the index of activity in the sector rising to a level close to zero.
The New York Fed said its general business conditions index rose to a negative 0.6 in July from a negative 9.4 in June, with a negative reading indicating a contraction in activity. Economists had been expecting a more modest increase to a reading of negative 5.0.
Traders will also look to industrial production figures for June scheduled for release at 9:15 a.m. ET, the week's oil inventories report at 10:30 a.m. ET and the Fed minutes this afternoon at 2:00 p.m. ET.
On the earnings front, Abbott Laboratories (ABT) reported adjusted second quarter earnings of $0.89 per share, up from $0.84 per share in the year ago quarter. The quarterly results were in-line with Wall Street estimates of $ 0.89 per share for the quarter.
After the closing bell on Tuesday, Intel Corp. (INTC) reported a net loss for the second quarter due to an antitrust fine from the European Union, but it reported adjusted earnings of $0.18 per share compared to analyst estimates of $0.08 per share.
Yum! Brands (YUM) reported adjusted second quarter earnings of $0.50 per share, up from $0.45 per share in the year-ago quarter. Analysts forecast quarterly earnings of $0.43 per share. Looking ahead, the firm maintained its expectation for full year adjusted earnings of $2.10 per share, representing 10 percent growth.
Altera Corp. (ALTR) posted second quarter net income of $0.16 per share, compared to $0.32 per share in the second quarter last year. The results came in line with analyst expectations.
Meanwhile, Xilinx (XLNX) and Cintas (CTAS) are scheduled to announce their quarterly results after the close of trading today.
Stocks were unable to sustain any clear direction for the majority of the Tuesday's session following an influx of earnings and economic figures, but some late buying interest helped the markets to a positive finish. The Dow closed up by 28 points at 8,359, the Nasdaq advanced by 7 points to 1,799 and the S&P 500 rose by 5 points to 906.
Crude oil futures are moving higher in early commodities trading, rising by $0.87 to $60.39 a barrel after dropping by $0.17 to $59.52 per barrel in the previous session. Meanwhile, the price of gold is soaring, rising by $15.40 to $938.20 an ounce.
On the currency front, the U.S. dollar is falling against the major European currencies, moving down to $1.4089 against the euro while dipping to $1.6443 versus the pound. Against the yen, the dollar is recovering from a nearly five-month low, trading at 93.55 yen.
In overseas trading, stock markets across the Asia-Pacific region saw another day of gains on Wednesday, with Hong Kong's Hang Seng Index climbing by 2.1 percent. Japan's benchmark Nikkei 225 Index edged up by a more modest 0.1 percent.
The major European markets are also on the rise, with the German DAX Index and the French CAC 40 Index rising by 2.1 percent and 1.7 percent, respectively. The U.K.'s FTSE 100 Index is also moving higher, climbing by 1.9 percent.
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