US Stocks Look Set To Extend Recent Gains

(RTTNews) - Stock index futures indicate a positive open on Wednesday, although trading activity is likely to be subdued amid an abbreviated Christmas Eve session and a light day on the economic front. After a batch of mixed economic reports yesterday, investors eye the Labor Department's weekly jobless claims report today for signs of further labor market tightening.

Brent crude futures fell towards $61 a barrel and gold prices are little changed above a three-week low, while the dollar edged down against its major opponents in European deals after its strong rally yesterday on expectations the U.S. is moving towards higher interest rates.

At 6:15 am ET, the Dow futures are rising 18 points, the S&P 500 futures are adding 1.75 points and the Nasdaq 100 futures are moving up 5.50 points. The stock markets will close early at 1 p.m.

In corporate news, a Carlyle Group fund agreed to acquire General Electric Co.'s (GE) stake in Asia Satellite Telecommunications Holdings Ltd. for as much as HK$3.75 billion or $483 million and then make a buyout offer.

Boeing (BA) and Kuwait Airways have finalized an order for 10 777-300ERs (Extended Range), valued at $3.3 billion at list prices.

American Airlines Group Inc. said in a regulatory filing that it would implement a pay increase of 4 percentage points for represented workgroups with ratified joint contracts and for non-contract employees below the director level.

United Parcel Service Inc. (UPS) and FedEx Corp. (FDX) started capping air express deliveries in recent days after a last minute increase in packages caused some retailers to exceed agreed-upon limits, the Wall Street Journal reported, quoting people briefed on the situation.

Orthopedics devices maker Stryker Corp. (SYK) is planning a takeover bid for UK-based medical device maker Smith & Nephew plc in the coming weeks, the Bloomberg reported, citing people with knowledge of the matter.

Germany's HeidelbergCement AG has entered into a definitive agreement to sell operations in North America and the U.K. for $1.4 billion to a U.S. affiliate of Lone Star Funds.

Japan's Sony Corp announced that it will bring its game-streaming service on Samsung Electronics Co.'s smart TVs in the first half of 2015.

Elsewhere, the Asian markets rose broadly, although Chinese shares tumbled for the second straight session on concerns recent concerns were overdone. Japan's Parliament today re-elected Shinzo Abe to serve another term as Prime Minister following his big victory in a Dec. 14 snap election that was billed as a referendum on his economic growth blitz.

European stocks are mixed in a shortened session ahead of the Christmas break. The underlying mood remains cautious after Standard & Poor's placed Russia's sovereign credit ratings on watch for potential downgrade, citing the country's economic troubles and a weakening financial system.

The stock exchanges in Milan and Frankfurt remain closed on Christmas Eve.