Investing.com - U.S. stock futures pointed to a moderately higher open in thin year-end trade on Wednesday, as sentiment improved after a well-received Italian bond auction, although investors remained focused on a second sale scheduled Thursday.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise of 0.25%, S&P 500 futures signaled a 0.27% increase, while the Nasdaq 100 futures indicated a 0.27% gain.
With most investors already away on year-end leave, trading volumes were expected to remain low, resulting in subdued trade.
Italy’s Treasury sold EUR9 billion euros of six-month bills, at an average yield of 3.25%, down from 6.50% in a previous auction in November. The country also sold EUR1.73 of two-year zero coupons at 5%.
Following the auction, the yield on Italy’s 10-year bonds traded at 6.76%, slightly below the 7% threshold widely seen as unsustainable.
Despite the upbeat results, Thursday’s sale of EUR8.5 billion of long-term Italian debt maturing between 2014 and 2022 was seen as a bigger test of market confidence in the country’s sovereign debt.
Shares in retailers were expected to be active after comScore reported late on Tuesday that holiday spending rose by 15% from the same period a year ago, to over USD35 billion so far this year.
Financial stocks were also expected to turn higher, boosted by the well-received Italian debt sale. However, Morgan Stanley was likely to remain under pressure as it announced plans to cut 580 jobs at four offices in New York City.
Citigroup was also to remain in focus after a delay was won by the U.S. Securities and Exchange Commission in its lawsuit against the bank, as the regulator is trying to appeal a judge's decision to reject its USD285 million settlement with the U.S. lender.
Elsewhere, shares in Mead Johnson Nutrition were expected to be affected by a probe into baby formula, including the company’s Enfamil, after a third infant in the United States tested positive for Cronobacter, a bacteria that has sometimes been linked to rare illnesses in newborns and has been found in milk-based powdered baby formula.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped rose 0.47%, France’s CAC 40 advanced 0.64%, Germany's DAX eased up 0.09%, while Britain's FTSE 100 climbed 0.63%.
During the Asian trading session, Hong Kong's Hang Seng Index fell 0.75%, while Japan’s Nikkei 225 Index dipped 0.2%.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise of 0.25%, S&P 500 futures signaled a 0.27% increase, while the Nasdaq 100 futures indicated a 0.27% gain.
With most investors already away on year-end leave, trading volumes were expected to remain low, resulting in subdued trade.
Italy’s Treasury sold EUR9 billion euros of six-month bills, at an average yield of 3.25%, down from 6.50% in a previous auction in November. The country also sold EUR1.73 of two-year zero coupons at 5%.
Following the auction, the yield on Italy’s 10-year bonds traded at 6.76%, slightly below the 7% threshold widely seen as unsustainable.
Despite the upbeat results, Thursday’s sale of EUR8.5 billion of long-term Italian debt maturing between 2014 and 2022 was seen as a bigger test of market confidence in the country’s sovereign debt.
Shares in retailers were expected to be active after comScore reported late on Tuesday that holiday spending rose by 15% from the same period a year ago, to over USD35 billion so far this year.
Financial stocks were also expected to turn higher, boosted by the well-received Italian debt sale. However, Morgan Stanley was likely to remain under pressure as it announced plans to cut 580 jobs at four offices in New York City.
Citigroup was also to remain in focus after a delay was won by the U.S. Securities and Exchange Commission in its lawsuit against the bank, as the regulator is trying to appeal a judge's decision to reject its USD285 million settlement with the U.S. lender.
Elsewhere, shares in Mead Johnson Nutrition were expected to be affected by a probe into baby formula, including the company’s Enfamil, after a third infant in the United States tested positive for Cronobacter, a bacteria that has sometimes been linked to rare illnesses in newborns and has been found in milk-based powdered baby formula.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped rose 0.47%, France’s CAC 40 advanced 0.64%, Germany's DAX eased up 0.09%, while Britain's FTSE 100 climbed 0.63%.
During the Asian trading session, Hong Kong's Hang Seng Index fell 0.75%, while Japan’s Nikkei 225 Index dipped 0.2%.