Nasdaq futures declined in the wake of poor Apple Inc. earnings while oil rebounded from a six-week low as U.S. crude stockpiles dropped.
Apple shares fell more than 1 percent in after-hours U.S. trading after the technology major reported a surprise drop in iPhone sales in the March quarter. Markets in Hong Kong, Japan, and South Korea are closed for holidays.
SGX Nifty futures indicate a positive start for Indian equities after the NSE Nifty 50 Index ended little changed on Tuesday.
FOMC Meeting Eyed
Investors will monitor the commentary from a policy meeting of the Federal Open Market Committee later today and the release of the April U.S. employment report on Friday.
While traders see little chance of a Fed interest rate hike this week, the odds of a rate hike in June are much higher, according to futures rates tracked by Bloomberg.
Politics will remain in focus ahead of the May 7 vote in France to elect the new president after centrist candidate Emmanuel Macron won the first round of polls on April 23.
Futures on the Nasdaq 100 lost 0.3 percent after that gauge and the Nasdaq Composite Index both posted record highs. Futures on the S&P 500 Index retreated 0.1 percent after the underlying gauge rose 0.1 percent on Tuesday.
Also Read: Fed to Take Breather in May as Goals Nearing But Risks Linger
Oil Above $48
Oil rebounded from a six-week low after a U.S. industry report showed a drop in gasoline and crude stockpiles, easing worries over a global supply glut.
U.S. crude inventories fell by 4.16 million barrels last week while gasoline supplies dropped by 1.93 million, American Petroleum Institute was said to report on Tuesday.
Brent crude for July settlement gained 1 percent to $50.99 per barrel on the London-based ICE Futures Europe exchange while West Texas Intermediate for June delivery rose 0.90 percent to $48.09 a barrel on the New York Mercantile Exchange.
Also Read: Oaktree's Howard Marks Says Credit Markets Rich But Not In A Bubble
Positive Start?
SGX Nifty futures, an early indicator of the Nifty's performance, rose 0.12 percent to 9,357 as of 7:00 a.m.
Indian shares ended little changed on Tuesday, as weakness in cement stocks, triggered by disappointing earnings from Ambuja Cements Ltd., offset gains in real estate stocks.
Shares of Marico Ltd. will be in focus today after the consumer goods maker reported a profit growth of 25 percent in the quarter ended March. Private banking major ICICI Bank Ltd. is the sole Nifty constituent to report earnings today.
Also Read: Marico Stays Firm On Growth In January-March Quarter
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