By Peter Nurse
Investing.com – U.S. stocks are seen opening higher Wednesday, continuing the recent rally, after it stalled during the previous session, ahead of more retail earnings.
This setback followed strong recent gains amid optimism over the economic rebound as the country reopens and with the U.S. set to reach a 50% vaccination rate for adults.
This improving sentiment is pushing investors into corners of the market like airlines, cruise operators and other leisure-related stocks.
Additionally, Nordstrom (NYSE:JWN) stock fell over 5% premarket after the company missed first-quarter earnings expectations after the close Tuesday, while Urban Outfitters (NASDAQ:URBN) stock jumped over 9% following better-than-expected quarterly results.
The data slate is largely empty Wednesday, but investors will keep close attention on a speech from Federal Reserve Vice Chair Randal Quarles on Wednesday as concerns surrounding inflation and potential tapering continue.
Crude oil prices edged lower Wednesday, despite strong U.S. crude supply data, as traders digest the possible return of Iranian exports.
Tuesday’s U.S. crude oil supply data from the American Petroleum Institute showed a draw of 439,000 barrels for the week ending May 21, suggesting an improvement in demand after the 620,000-barrel build recorded during the week before.
This puts the focus on the official crude oil supply data from the U.S. Energy Information Administration, due later in the day, where a draw of over 1 million barrels is expected.
However, all eyes are on the talks between Iran and world powers over the potential resumption of the 2015 Iran nuclear deal. Should the deal be revived, and the U.S. lift sanctions that are currently in place, Iran could add around one to two million barrels per day to the global crude supply.
U.S. Futures Edge Higher; Nordstrom, Urban Outfitters in Focus
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