Wall Street Likely To Open On Positive Note

The Nasdaq futures rose sharply after early weakness, suggesting a rebound of sorts in the technology space that saw heavy selling in recent sessions. After climbing nearly 2 percent, Nasdaq futures are currently up by about 1.5 percent.

The Dow futures are gaining more than 0.5 percent and the S&P 500 futures are up nearly 0.75 percent.

AstraZeneca announced on Tuesday that it is pausing its phase III study of its COVID-19 vaccine candidate, AZD1222, following an adverse reaction in a trial participant.

American Eagle has reported second-quarter revenue of $883.5 million compared with $1.04 billion a year ago. The company said digital demand in the second quarter was up 48% compared to the corresponding quarter last year.

Crude oil futures are bouncing back after suffering a severe setback on Tuesday. West Texas Intermediate Crude oil futures for October, which shed 7.6% in the previous session, were up $0.78 or 2.1 percent at $37.54 a little while ago.

The Dow tumbled 632.42 points or 2.3 percent to 27,500.89 on Tuesday. The Nasdaq plunged 465.44 points or 4.1 percent to 10,847.69 and the S&P 500 slumped 95.12 points or 2.8 percent to 3,331.84.