US pre-open: Futures have stocks reversing yesterday's losses

Wall Street futures were in the green ahead of the bell on Wednesday after Joe Biden said the US looked set to have gathered enough doses of various Covid-19 vaccines to vaccinate the country's adult population by the end of May.

As of 1235 GMT, Dow Jones futures were up 0.66%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.58% and 0.56% firmer, respectively.

The Dow Jones closed 143.99 points lower on Tuesday, taking a bite out of solid gains recorded in the previous session.

In focus ahead of the bell on Wednesday were comments from President Joe Biden late on Tuesday that the US would have a large enough supply of Covid-19 vaccines to cover every adult in the country by the end of May, a whole two months ahead of schedule.

Stocks likely to benefit from economic activity picking up were firmly in the green prior to the open, with Norwegian Cruise Line was up 2.7%, while United Airlines was up 2% and bank and energy shares were also higher.

Also demanding an amount of investor attention was the 10-year Treasury yield, which fell to 1.45% before the open after surging to a high of 1.6% last week, spooking investors about increased borrowing costs and inflation.

SpreadEx's Connor Campbell said: "After falling half a percent on Tuesday, bucking the trend seen in Europe, the Dow Jones is set to get back on the horse this Wednesday, aiming for a 170 point rise when trading begins.

"That'd once again put it above 31,550, and leave it 500 points short of its record peak – a gap it could easily clear if the American Rescue Plan survives the Senate intact."

On the macro front, mortgage application figures for the week ended 26 February showed that rising interest rates had weighed on demand yet again, with total mortgage application volume rising just 0.5%, according to the Mortgage Bankers Association.

Still to come, ADP employment change numbers for February were slated for release at 1315 GMT and the ISM's February non-manufacturing PMI will follow at 1500 GMT.

In the corporate space, fast-food chain Wendy's posted a net income of $38.7m, or $0.17 per share, while revenues grew from $427.2m to $474.3m.