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Apple set to lead the Dow above 22,000 as futures point higher

Published 08/02/2017, 07:01 AM
Updated 08/02/2017, 07:01 AM
© Reuters.  Apple set to lead the Dow above 22,000

Investing.com - U.S. stock futures pointed to a higher open on Wednesday morning, with the Dow on track to reach another milestone, as blockbuster earnings from tech-bellwether Apple (NASDAQ:AAPL) buoyed sentiment.

The blue-chip Dow futures ticked up 50 points, or about 0.2%, by 7:00AM ET (1100GMT) to 21,953. It rose to an all-time high of 22,062 overnight.

Meanwhile, the tech-heavy Nasdaq 100 futures jumped 47 points, or around 0.8%, while the S&P 500 futures added 2 points, or roughly 0.1%.

Wall Street ended higher on Tuesday, with the Dow racking up a fifth straight record high, boosted by upbeat earnings.

Apple delivered surprisingly strong fiscal third-quarter earnings after Tuesday's closing bell and signaled that its upcoming 10th anniversary iPhone lineup is still on schedule.

The news drove its stock up more than 6% to a record high in pre-market trading.

Traders braced for another round of earnings reports from big names such as Time Warner (NYSE:TWX), Sodastream (NASDAQ:SODA), Mondelez (NASDAQ:MDLZ), Humana (NYSE:HUM), Restaurant Brands (NYSE:QSR) and Groupon (NASDAQ:GRPN) ahead of the opening bell.

After the close, Tesla (NASDAQ:TSLA), AIG (NYSE:AIG), Fitbit (NYSE:FIT) and The Cheesecake Factory (NASDAQ:CAKE) are set to release earnings.

Besides corporate results, market players looked ahead to the ADP jobs report due at 8:15AM ET (1215GMT).

Comments by San Francisco Fed President John Williams and Cleveland Fed chief Loretta Mester will also be in focus.

Elsewhere, oil prices were steady as investors looked ahead to the Energy Department's weekly supply report at 10:30AM ET (1430GMT).

In Europe, shares dipped, weighed down by a fall among mining stocks and banks, but semiconductor firms' shares were a bright spot.

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Earlier, in Asia, markets closed mixed, with technology shares hitting 17-year peaks.

In the currency market, the dollar wallowed near 15-month lows against the other major currencies, as ongoing tensions in Washington weighed.

Recent lackluster U.S. economic reports, which have raised doubts over the future pace of policy tightening by the Federal Reserve, have also weighed on the greenback.

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