U.S. index futures displayed positive performance in pre-market trading on Wednesday, with S&P 500 aiming to halt a downward trend that persisted over the last three consecutive days.

As of 6:23 AM, Dow Jones futures (DOWI:DJI) were up 146 points, or 0.39%. S&P 500 futures rose 0.36%, and Nasdaq-100 futures increased by 0.22%. The yield on the 10-year Treasury notes was at 4.641%.

In the commodities market, West Texas Intermediate crude oil for May delivery dropped by 0.91% to $84.58 per barrel. Brent crude oil for June fell by 0.92% to approximately $89.19 per barrel. Iron ore traded on the Dalian Exchange rose by 4.25% to $120.21 per metric ton.

The economic agenda in the United States for Wednesday starts at 10:30 AM with the publication of the crude oil inventory position up to the previous Friday by the Department of Energy (DoE). Later, at 2:00 PM, the focus shifts to the Federal Reserve (Fed), which will release the Beige Book.

European markets showed resilience, trading higher despite recent statements by Federal Reserve Chairman Jerome Powell, which usually have a significant influence on global markets. Even with ongoing geopolitical tension involving potential confrontations between Iran and Israel, investors maintained cautious optimism.

The Stoxx 600 index, a key benchmark for the region, recorded an increase, with most sectors showing gains. Mining stocks were particularly highlighted, with a rise of 2.2%. Meanwhile, in the United Kingdom, the March inflation rate dropped to 3.2%, a result below economists’ expectations. This indicator of inflation slowing down could signal future interest rate cuts by the Bank of England, bringing significant implications for monetary policy and economic expectations in the region.

Asian stock markets had a mixed close on Wednesday following a significant drop in the previous session, reflecting the complexity of the regional economic landscape influenced by tensions in the Middle East. Notably, Singapore’s economy revealed concerning data with a 20.7% decrease in non-oil exports, a substantially larger number than the 7% forecast by analysts surveyed by Reuters. This scenario was exacerbated by the ongoing appreciation of the dollar, which has placed additional pressures on regional currencies, especially the Japanese yen.

At market close, the Shanghai SE in China registered a gain of 2.14%, while the Nikkei in Japan fell by 1.32%. The Hang Seng in Hong Kong virtually stagnated with a slight increase of 0.02%, and other indices like the Kospi in South Korea and the ASX 200 in Australia also experienced declines, recording -0.98% and -0.09%, respectively.

On Tuesday, the U.S. stock market showed uncertainty, fluctuating throughout the day after recent losses. The Dow Jones slightly rose, gaining 63.86 points, or 0.17%, to close at 37,798.97. The S&P 500, however, fell by 10.41 points, or 0.21%, to 5,051.41, while the Nasdaq dropped 19.77 points, or 0.12%, to 15,865.25. The Dow Jones was boosted by a jump in shares of UnitedHealth (NYSE:UNH). However, a drop in shares of Johnson & Johnson (NYSE:JNJ) limited further gains, as market participants assessed future risks, such as the prospect of higher interest rates.

In terms of quarterly earnings, reports are scheduled to be presented before the start of trading from ASML (NASDAQ:ASML), Abbott (NYSE:ABT), Prologis (NYSE:PLD), Travelers (NYSE:TRV), US Bancorp (NYSE:USB), First Horizon National Corp (NYSE:FHN), First Community Corporation (NASDAQ:FCCO), BankUnited Inc (NYSE:BKU), SHL Telemedicine (NASDAQ:SHLT), among others.

After the close, earnings numbers from Alcoa (NYSE:AA), Bank OZK (NASDAQ:OZK), Las Vegas Sands (NYSE:LVS), Liberty Energy (NYSE:LBRT), Kinder Morgan (NYSE:KMI), Synovus Financial Corp (NYSE:SNV), Discover Financial Services (NYSE:DFS), SL Green Realty Corp (NYSE:SLG), CSX Corporation (NASDAQ:CSX), and more will be awaited.

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