In an otherwise quiet week for policymakers, Federal Reserve Chair Janet Yellen's lecture at the International Monetary Fund in London at 11 a.m. ET on Wednesday will take much of the limelight. The speech is expected to center on dealing with instability in financial markets and hence we might not get specific policy direction.
In the corporate space, Constellation Brands will report quarterly earnings before Wall Street opens. Second quarter reporting season is due to kick off next week with numbers from Alcoa on July 8.
European auto stocks were boosted on Wednesday by U.S. data showing better-than-expected sales for major carmakers. German rivals BMW and Daimler both reported strong sales in the U.S. in June, after suffering a weak winter season.
Auto sales, coupled with a strong manufacturing reading from the Markit Purchasing Managers' Index (PMI), helped push the Dow and the S&P 500 to all-time highs on Tuesday. Asian equity markets remained boosted early on Wednesday by the positive sentiment.
However, developments in Iraq remain on the radar. The country's new parliament failed to elect a speaker on Tuesday, despite Washington urging the quick formation of a new government. The speaker is one of the three leadership positions, along with the president and prime minister.
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The monthly non-farm payrolls report is due out on Thursday, having been brought forward because of the July 4 holiday. Economists polled by Dow Jones forecast that employers created 215,000 positions in June.