U.S. Stocks May Move To The Upside On Upbeat Earnings News

(RTTNews) - After ending yesterday's volatile session mixed, stocks are likely to move to the upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.7 percent.

A positive reaction to earnings news from financial giants Bank of America (BAC) and Morgan Stanley (MS) may contribute to initial strength on Wall Street.

Shares of Bank of America are surging by 4.1 percent in pre-market trading after the company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.

Investment banking giant Morgan Stanley (MS) is also jumping by 3.9 percent in pre-market trading after reporting better than expected third quarter results.

U.S.-listed shares of ASML (ASML) are also seeing significant pre-market strength after the Dutch semiconductor equipment maker reported mixed third quarter results but said it expects 2026 total net sales to exceed 2025.

On the other hand, shares of Abbot Abbott Laboratories (ABT) may come under pressure after the healthcare company reported weaker than expected third quarter revenues.

Traders are also likely to keep an eye on any comments from President Donald Trump about U.S. trade with China, which have been a key driver of market sentiment in recent sessions.

Following the notable rebound seen during Monday's session, stocks saw substantial volatility over the course of the trading day on Tuesday. The major averages recovered from a significant early pullback only to once again come under pressure late in the session.

The major averages eventually ended the session mixed. While the Dow climbed 202.88 points or 0.4 percent to 46,270.46 after plunging more than 600 points in early trading, the S&P 500 dipped 10.41 points or 0.2 percent to 6,644.31 and the Nasdaq slid 172.91 points or 0.8 percent to 22,521.70.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index surged by 1.8 percent, while China's Shanghai Composite Index jumped by 1.2 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is down by 0.3 percent, the German DAX Index is up by 0.1 percent and the French CAC 40 Index is up by 2.3 percent.

In commodities trading, crude oil futures are climbing $0.44 to $59.14 a barrel after falling $0.79 to $58.70 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $4,198, up $34.60 compared to the previous session's close of $4,163.40. On Tuesday, gold jumped $30.40.

On the currency front, the U.S. dollar is trading at 151.58 yen compared to the 151.83 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1622 compared to yesterday's $1.1605.