Investing.com - U.S. stock markets pointed to a slightly higher open on Wednesday morning, with the Dow remaining within striking distance of the psychologically important milestone of 20,000 in light pre-New Year holiday trade.
The blue-chip Dow futures inched up 30 points, or 0.15%, by 7:10AM ET (12:10GMT), the S&P 500 futures tacked on 5 points, or 0.2%, while the tech-heavy Nasdaq 100 futures added 13 points, or 0.25%.
Wall Street ended higher in low volume trade on Tuesday, with gains in technology shares lifting the Nasdaq Composite to a record close, while the Dow came within 20 points of hitting 20,000.
No earnings are expected to be released on Wednesday.
On the data front, the National Association of Realtors is to release data on November pending home sales at 10:00AM ET (15:00GMT). The report is expected to show pending home sales rose 0.5% last month, after inching up 0.1% in October.
U.S. stocks have rallied sharply since the November 8 election day market close in what many analysts refer to as the “Trump rally” on the back of hopes that the incoming president will implement fiscal policies that will spur growth and be positive for stocks.
However, market participants have so far balked at the psychologically important 20,000-point level, with experts suggesting that Trump will need to follow through on expectations in order for stocks to be able to maintain the upward momentum.
Elsewhere, European stock markets struggled for direction in quiet holiday-thinned trade. Earlier, in Asia, shares were mixed amid low-volume trading.
Meanwhile, oil prices extended strong overnight gains to near the highest levels of the year amid optimism over planned output cuts by major global oil producers.
U.S. crude was up 25 cents, or 0.45%, to $54.15, within sight of a one-and-a-half-year peak of $54.51 logged on December 12, while Brent tacked on 35 cents, or 0.6%, to $57.17 a barrel, not far from a 17-month high of $57.89 touched earlier in December.
In the currency market, the dollar ticked up against the other major currencies, after previous day's data showed U.S. consumer confidence hitting its highest level in more than 15 years in December, in addition to robust housing numbers.
The upbeat reports helped underscore expectations that the Federal Reserve would raise interest rates at a faster pace next year.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.3% at 103.32, not far from last week's 14-year peak of 103.62.