Wall St. set to open slightly higher

Wall St. set to open slightly higher

REUTERS: Wall Street looked set to inch higher at the open on Wednesday, a day after the S P 500 rallied to its best day of the month amid upbeat quarterly earnings.While investors assess another flood of corporate earnings reports, they also await the Federal Reserve’s Beige Book at noon, which contains commentary on the health of the U.S. economy, and the third U.S. presidential debate at night.Oil prices rose 1.4 percent as the dollar eased and data showed Chinese output dropped while U.S. inventories shrunk.”This morning does seem quiet, but oil prices could be one theme that could drive markets,” said Aaron Clark, portfolio manager at GW K Investment Management in Boston Massachusetts.”There are also not a lot of bellwether companies reporting today that would change the narrative that much.”Strong earnings from marquee companies such as UnitedHealth and Goldman Sachs led Wall Street to rally on Tuesday.Dow e-minis were up 41 points, or 0.23 percent, with 20,215 contracts changing hands.S P 500 e-minis were up 4.25 points, or 0.2 percent, with 132,273 contracts traded.Nasdaq 100 e-minis were up 4.75 points, or 0.1 percent, on volume of 23,087 contracts.The Nasdaq could come under pressure from Intel , whose shares dropped 5 percent in premarket trading after the chipmaker gave a disappointing current-quarter revenue forecast.Morgan Stanley rose 1.4 percent after its quarterly profit and revenue beat consensus estimates, rounding off a strong quarter for big U.S. banks.Yahoo rose 1.03 percent after reporting overnight that its third quarter profit beat estimates.Through Tuesday, earnings from S P 500 companies had largely beaten market expectations, putting them on track to post profit…

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