The futures on the Dow Jones Industrial Average were up 0.01 percent, the futures on the Standard & Poor's 500 Index were down 0.01 percent and those on the Nasdaq 100 Index were up 0.06 percent.
Investors are expected to focus on ADP’s National Employment Report to be released Wednesday. The report is a measure of the monthly change in non-farm private employment data based on the payroll data of approximately 400,000 U.S. business clients. It is expected to rise by 165,000 jobs in January from 215,000 in December.
The Bureau of Economic Analysis will report Wednesday the first estimate of the fourth quarter GDP, which measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. The U.S. economy is estimated to have expanded 1.1 percent in the fourth quarter, from a 3.1 percent rise in the third quarter.
Investors will continue to focus on the earnings reports with Citrix Systems Inc. (NASDAQ: CTXS), Facebook Inc. (NASDAQ: FB), QUALCOMM Inc. (NASDAQ: QCOM) and Skyworks Solutions Inc. (NASDAQ: SWKS) expected to announce their quarterly results Wednesday.
On Tuesday, the U.S. stocks mostly gained amid optimism among investors in spite of disappointing quarterly earnings reports. Ford Motor Company (NYSE: F) reported that the company’s net income dropped to $1.6 billion, or $0.40 per share in the fourth quarter compared to $13.61 billion, or $3.40 per share in the same period the year earlier. United States Steel Corporation (NYSE: X) reported net loss of $50 million or $0.35 per share in the fourth quarter compared to net loss of $211 million or $1.46 per share in the same period last year.
Amazon.com Inc (NASDAQ: AMZN) reported that the company’s net income dropped to $97 million or $0.21 per share in the fourth quarter compared to $177 million or $0.38 per share in the same period the earlier year. Broadcom Corporation (NASDAQ: BRCM) reported that the company’s net income dropped to $251 million or $0.43 per share in the fourth quarter compared to $254 million or $0.45 per share in the same period the previous year.
The Dow Jones Industrial Average rose 0.52 percent, the S&P 500 Index was up 0.51 percent and the Nasdaq Composite Index marginally declined 0.02 percent.
European markets were mixed Wednesday with London's FTSE 100 moving down 9.16 points, Germany's DAX 30 index rising 7.36 points and France's CAC 40 declining 0.35 points.
Asian stock markets rose Wednesday with China’s Shanghai Composite rising 23.50 points, Japan’s Nikkei moving up 247.23 points and South Korea’s Kospi Composite Index advancing 8.47 points.
Data released Wednesday by the National Statistical Office showed that South Korea’s industrial production, which measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities, rose 0.8 percent in December compared to same month last year but down from 3.2 percent increase in November.
Meanwhile, data released by the Ministry of Economy, Trade and Industry showed that Japan’s retail sales, which measures the change in the total value of inflation-adjusted sales at the retail level, rose 0.4 percent in December in comparison to the same period last year, but down from 1.3 percent increase reported in November.