Stocks were poised for a sharply higher open thanks to momentum generated by powerful after-hours earnings reports Tuesday.
The pre-market enthusiasm was raised a notch by a handful of economic reports showing tame inflation, increased manufacturing activity in the New York region and another rise in mortgage applications.
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Wall Street has reestablished positive momentum, and that's likely to continue Wednesday morning after Intel beat expectations with its after-the-bell earnings report late Tuesday, and issued guidance that was well above consensus as well. Intel shares rose about 7.5 percent in premarket trading.
The major indexes were set to gain nearly 1 percent each at the opening as investors prepare for an onslaught of economic data and more earnings. Stocks are coming off their best two-day gain since the beginning of June.
In the first report of the day, mortgage applications rose for a second straight week, driven by a jump in demand for home refinancing loans as interest rates tumbled, according to the Mortgage Bankers Association.
On the down side of earnings
- Written by Peter Schacknow, Senior Producer, CNBC.com
