Wall Street set for higher open on encouraging China data, earnings

REUTERS: Wall Street was set to open higher on Wednesday, as upbeat economic data from China and a jump in Qualcomm shares sparked gains in chipmakers, with sentiment also lifted by largely positive earnings reports.

Shares of Intel Corp, Advanced Micro Devices and Nvidia Corp were up between 0.7per cent and 4.41per cent. If current premarket gains hold, the S&P 500 will open 0.9per cent below the record high hit in late September. Stocks have surged this year on growing hopes of a trade deal with China and better-than-expected earnings reports.

International Business Machines Corp fell 2.7per cent after reporting a bigger-than-expected drop in quarterly revenue.

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