US pre-open: Stocks set to continue rally as Powell comments boost sentiment
Wall Street futures were pointing to a positive start to the session on Wednesday, with stocks attempting to extend the rally started on Tuesday.
As of 1200 BST, Dow futures were pointing to gains of 0.62% at the bell, while the S&P 500 and Nasdaq were being called to open 0.64% and 0.81% firmer, respectively.
Wall Street stocks recorded their second best day of the year on Tuesday, closing 511 points higher, as market focus shifted from trade concerns to monetary policy when Fed chair Jerome Powell signalled the central bank would be open to easing monetary policy in order to save the economy.
Powell told an audience in Chicago that the central bank would "act as appropriate to sustain the expansion".
However, he added that the Fed did not know "how or when" global trade issues would be resolved. "We are closely monitoring the implications of these developments for the US economic outlook."
Asian stocks also climbed on Wednesday, building upon the gains seen Stateside on the back of Powell's comments.
Elsewhere, trade tensions remained in focus as Trump, during his state visit to the UK, doubled down on tariff threats against Mexico, stating that the new policy would "take effect next week".
However, Republican senators indicated they would not agree with the 5% levy on Mexican imports.
On the corporate front, Campbell Soup and Cloudera will report earnings on Wednesday.
In terms of economic data, ADP employment numbers are due at 1315 BST, followed by services and composite PMIs at 1445 BST and ISM's non-manufacturing index at 1500 BST.