Wall Street was poised for an upbeat trading day on Wednesday, as investors looked ahead to data on U.S. retail sales, which could either strengthen or weaken the case for the Federal Reserve to raise interest rates four times this year.
The gains for U.S. stock futures also indicated a rebound from the prior day’s losses when traders used the departure of Secretary of State Rex Tillerson as an excuse to book some profits.
Futures for the Dow Jones Industrial Average jumped 99 points, or 0.4%, to 25,149, while those for the S&P 500 index climbed 7.70 points, or 0.3%, to 2,780.75. Futures for the Nasdaq-100 index added 23 points, or 0.3%, to 7,106.
The upbeat mood on Wednesday came as traders picked up stocks after the selloff in the previous session, which came as investors took profits after a period of strong gains last week. The profit taking was sparked by President Donald Trump’s move to sack Tillerson and to replace him with Central Intelligence Agency Director Mike Pompeo, analysts said.