Sinking Oil Prices, Possible Peace Talks Lift Wall Street Pre-Bell; Asia, Europe Rally
Wall Street futures pointed to fresh record highs pre-bell Wednesday as oil prices fell following media reports that Tehran and Washington are preparing a memorandum on nuclear talks, and as technology companies continued to post solid earnings.In the futures, the S&P 500 rose 1%, the Nasdaq inclined 1.6% and the Dow Jones was up 1.1%.West Texas Intermediate crude oil traded down 12.1% to $89.89, in morning action.On the earnings scene, Advanced Micro Devices (AMD) surged 20.3% after the chipmaker issued upbeat Q1 earnings and forecasts, late Tuesday.Super Micro Computer (SMCI) lifted 14.9% after the IT-outfit released fiscal Q3 results and positive guidance, after-bell Tuesday.Walt Disney (DIS) trade up 4.8% pre-bell after the company reported fiscal Q2 EPS and revenue above outlooks, and issued guidance, before the market open.Asian exchanges rallied overnight on softer crude prices, with Seoul's KOSPI index rising 6.5% to shatter the 7,000 level on strength in tech and semiconductor issues, including a 14.4% bump in Samsung Electronics shares.European bourses tracked solidly north midday on the continent.On the economic calendar is the ADP Employment Report for April at 8:15 am ET, followed by the weekly EIA petroleum status bulletin at 10:30.Federal Reserve St. Louis President Alberto Musalem, and Chicago President Austan Goolsbee speak on Wednesday.In pre-market action, bitcoin traded at $82,191, and 10-year US Treasuries offered 4.34%. Spot gold commanded $4,710 an ounce.