Futures are rallying

Futures are rallying on Wednesday morning and crude oil is crawling up towards $US50 per barrel.

Near 8:30 a.m. ET, Dow futures were up 110 points, S&P 500 futures were up 13 points, and Nasdaq futures were up 38 points.

West Texas Intermediate crude is rallying for a fourth day. Futures in New York climbed nearly 2% to as high as $US49.70 on Wednesday morning; WTI last hit $US50 per barrel on July 22.

The American Petroleum Institute on Tuesday reported an unexpected draw in crude oil inventories, by 1.2 million barrels last week. The Energy Information Administration will release its data today. Yesterday, the EIA said US crude production rose by an estimated 120,000 barrels in September.

There’s no major economic data due today. Monsanto reported a fourth-quarter loss of 19 cents per adjusted share on revenues of $US2.36 billion, both missing expectations. The stock fell about 2% in premarket trading.

The earnings calendar is otherwise light, but aluminium giant Alcoa reports after the market close tomorrow, and then earnings season really kicks in next week with Intel, Alphabet (the new parent company of Google), and Citigroup among the names on the schedule.

Yum Brands is still getting crushed, down as much as 16% premarket following Tuesday’s earnings release that missed expectations on the top and bottom lines, and reflected headwinds from China.

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