Nasdaq and S&P 500 futures signaled a higher open on Wednesday, thanks to upbeat guidance from EV giant Tesla, Inc. (NASDAQ:TSLA) and semiconductor major Texas Instruments, Inc. (NASDAQ:TXN), although Dow futures were marginally lower. Investors will keep their eyes peeled for some important economic data, including early quarterly GDP growth and personal consumption expenditure figures, later this week.

The PCI reading will likely be the last inflation reading before the Federal Reserve announces its next verdict in May. Bond yields resumed their climb, reflecting worries the Fed was not cutting rates enough this year.

Futures Performance On Wednesday ( as of 6:10 a.m. EDT)

Cues From Past Session:

The major indices opened higher and rose in early trading before moving roughly sideways for the remainder of the session. The Dow Jones Industrial Average climbed for a fourth straight session and settled at a two-week high, while the Nasdaq Composite and the S&P 500 Index notched up their second straight session of gains.

IT and communication services stocks led the gains on a day when only the material space came under selling pressure.

Insights From Analysts:

The market may have resumed the rally after the early-April lull, said Carson Group’s Ryan Detrick. “Late April tends to be strong. We had a weak first part. Now are we getting the stronger late part,” he said. The analyst noted that late last week, there were multiple signs of a pending low forming, along with the CBOE volatility index in backwardation, huge inflows, and strong breadth under the surface.

The Commerce Department is scheduled to release the durables goods orders report for March at 8:30 a.m. EDT. Economists, on average, expect durable goods orders to rise 2.6% month-over-month, faster than the 1.3% increase in February. Excluding the volatile transportation orders, the order growth may have slowed from 0.5% to 0.3%.

The Energy Information Administration will release its petroleum status report at 10:30 a.m. EDT.

The Atlanta Fed is due to release its first-quarter GDP data at 12:30 p.m. EDT.

The Treasury will auction five-year notes at 1 p.m. EDT.

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Stocks In Focus:

Commodities, Bonds, and Global Equity Markets:

Crude oil futures, which staged a moderate recovery on Tuesday, have reversed course, with a barrel of WTI-grade crude trading down 0.45% at under $83. Gold futures also saw weakness but held above the $2,300 level.

The 10-year note yield, which eased on Tuesday, inched its way back up to 4.64% ahead of Friday’s inflation data.

Bitcoin (CRYPTO: BTC) continued to hold the $66,000 level, as it moved in a tight range.

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