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Major U.S. index futures point to a modestly higher opening on Wednesday after a mixed performance in the previous session. More Federal Reserve speakers are scheduled to make public appearances on Wednesday, potentially giving cues about the rate trajectory, while the government shutdown lingers on.

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Speaking at the Greater Boston Chamber of Commerce, Boston Fed President Susan Collins sounded a neutral tone. While stating that it is prudent to normalize policy a bit further this year as inflation risks remain somewhat contained and the employment market has seen some downside risks, Collins said, “Even with some additional easing, monetary policy would remain mildly restrictive, which is appropriate to ensure inflation resumes its decline once tariff effects fade.”

As of 12:15 a.m. ET on Wednesday, the Nasdaq 100 futures climbed 0.21%, the S&P 500 futures added 0.19% and the Dow futures gained 0.18%. The Russell 2000 futures were up a steeper 0.43%.

Tech stocks served as a drag on the market on Tuesday, resulting in the Nasdaq Composite and the S&P 500 Index closing in the red. Traders largely shrugged off mixed earnings from big banks, but renewed selling emerged in late trading after President Donald Trump took a potshot at China for not buying soybeans from the U.S.. Consumer discretionary and energy stocks witnessed much more modest losses, while consumer staple, financial, industrial, real estate, and utility stocks advanced strongly. 

In a speech delivered to the National Association of Business Economics (NABE) on Tuesday, Fed Chair Jerome Powell acknowledged growing signs of weakness in the labor market and signaled that the central bank may soon stop shrinking its balance sheet. His comments perked up expectations for more rate cuts this year.

The SPDR S&P 500 ETF (SPY), an exchange-traded fund (ETF) that tracks the S&P 500 Index, fell 0.12%, and the Invesco QQQ Trust (QQQ) slumped 0.67%. On the other hand, the iShares Russell 2000 ETF (IWM) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) climbed 1.38% and 0.44%, respectively.

Among the economic catalysts for the day, Richmond Fed’s Tom Barkin is scheduled to speak at 8 a.m. ET. The Philadelphia Fed is set to release the results of its regional manufacturing survey at 8:30 a.m. ET, with the diffusion index of business activity expected to fall to 10 in October from 23.2 in September.

Fed Governors Stephen Miran and Christopher Waller are scheduled to speak at 9 a.m. ET, followed by fellow governor Michelle Bowman at 10 a.m. ET. Bowman and Barkin will make public appearances yet again at 10 a.m. ET and 12:45 p.m. ET.

The National Association of Home Builders is due to release the results of its homebuilder confidence survey for October at 10 a.m. ET.

The key earnings reports scheduled for release on Wednesday are Morgan Stanley (MS), Bank of America (BAC), PNC (PNC), Progressive (PGR), J.B. Hunt Financial (JBHT) and United Airlines (UAL).

Crude oil futures slipped further in the Asian session, and gold futures extended their gravity-defying rally, rising past the $4,200 level early Wednesday. The 10-year U.S. Treasury note’s yield retreated further toward the 4% mark, while the U.S. dollar eased against major counterparts.

Most Asian markets advanced early Wednesday, as U.S. Fed rate cut hopes led to renewed buying.

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