1. Oil zooms higher: Crude oil futures were on track for a fourth consecutive positive trading session on Wednesday. US futures added 0.3% to trade at $62.70 per barrel, pushing gains for this year to 38%. Brent crude, the international benchmark, was up 0.8% to just under $70 per barrel.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | +104.00 | | +42.00 | | +13.50 | | +0.40% | | +0.56% | | +0.47% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | +207.90 | | +39.47 | | -2.12 | | 21,713.21 | | 3,216.30 | | 7,389.00 | | +0.97% | | +1.24% | | -0.03% | | | |
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| Biggest Winners | | Advanced Micro Devices Inc | +2.92% | | | | TechnipFMC PLC | +2.46% | | | | Micron Technology Inc | +2.14% | | | | Linde PLC | +1.29% | | | Biggest Losers | | Caterpillar Inc | -1.54% | | | | Macy's Inc | -0.73% | | | | Raytheon Co | -0.65% | | | | Tyson Foods Inc | -0.38% | | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Oil prices zoom higher; US-China trade talks; Bitcoin surges | | By Ivana Kottasová, CNN Business | | | | 1. Oil zooms higher: Crude oil futures were on track for a fourth consecutive positive trading session on Wednesday. | | | | US futures added 0.3% to trade at $62.70 per barrel, pushing gains for this year to 38%. Brent crude, the international benchmark, was up 0.8% to just under $70 per barrel. | | | | "With output falling for a fourth month thanks to continued OPEC production cuts and sanction on Iran and Venezuela, oil prices are well supported," said Fiona Cincotta, analyst at City Index, a broker. | | | | Recent positive manufacturing news from China has also eased fears of a dramatic slowdown in the world's second largest economy. Weak growth in China would have reduced demand for oil. | | | | The US Energy Information Administration will release a report on crude inventories at 10:30 a.m. ET. | | | | 2. Trade talks: Sensitive trade negotiations between the United States and China are set to resume on Wednesday. | | | | China's Vice Premier Liu He is traveling to Washington with a delegation of trade negotiators just days after another set of discussions wrapped up in Beijing. | | | | There have been positive signs about a potential deal in recent days. | | | | China said this week that it would add fentanyl-related substances to its list of controlled drugs from May 1, fulfilling a pledge that Chinese President Xi Jinping had made to US President Donald Trump. | | | | 3. Brexit chaos: The British pound has rallied after Prime Minister Theresa May said she would implement any Brexit deal that was agreed by a majority in the UK parliament. | | | | May also said she would ask the European Union for another short extension to Brexit, and work with opposition leader Jeremy Corbyn to find a compromise. | | | | The pound increased 0.4% against the dollar on Wednesday to trade at $1.31. | | | | The political situation in the United Kingdom remains highly uncertain. It's not clear whether the European Union will grant a short extension to Brexit, and there's still no consensus in Britain on how to exit the bloc. | | | | 4. Bitcoin surge: Bitcoin prices shot up 15% Tuesday, briefly topping $5,000 for the first time since November. | | | | Analysts were scratching their heads trying to find a reason for the spike. | | | | Nigel Green, founder and chief executive of wealth management firm deVere Group, said in a report that "there is a growing sense that Bitcoin is back." | | | | Green added that "this dramatic jump is likely to attract many investors who have been sitting on the sidelines," including big institutions. | | | | 5. Global market overview: US stock futures were pointing higher. | | | | European markets opened with gains, following a positive trading session in Asia. | | | | The Dow Jones industrial average closed down 0.3% on Tuesday. The S&P 500 was flat, and the Nasdaq gained 0.3%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 6. Companies and economics: US non-manufacturing composite PMI will be published at 10:00 a.m. ET. | | | | Shares of Walgreens dropped 12.8% after the drug store giant reported earnings and sales that missed forecasts. | | | | Shares in fashion retailer Superdry plunged almost 12% in London after co-founder Julian Dunkerton won his bid to rejoin the company as a director, prompting the board to quit. | | | | | | | |
| | | | | | Wednesday — US ISM services
Thursday — Constellation Brand earnings; Reserve Bank of India rate decision
Friday — US March jobs report; EU finance ministers meet | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $62.63 | +0.05 / +0.08% | | | Gold | $1,296.70 | +1.30 / +0.10% | | | 10-yr | 2.48% | -0.02 | | | Euro | $1.12 | +0.00 / +0.39% | | | |
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