US pre-open: Futures point to mixed start ahead of more key earnings updates

As of 1200 BST, Dow Jones Industrial futures were up 0.07% to 26,657, while S&P 500 and Nasdaq futures were trading 0.04% and 0.02% lower, respectively.

The Dow looked set to open 18 points higher on Wednesday as investors' focus remained largely set on earnings season, following better-than-expected figures from some blue-chip stocks in the previous session which helped both the Nasdaq and S&P 500 reach all-time highs.

Looking ahead to the days trading, SpreadEx's Connor Campbell said: "Missing out on the all-time highs struck by the S&P and Nasdaq last night, the Dow Jones is nevertheless on its way to matching the record peak struck in early October 2018."

Markets were boosted on Tuesday by a rally in the energy sector as the international benchmark Brent crude jumped to its highest level in five and a half months.

Oil prices shot up on the back of an announcement from the White House that it would be putting an end to waivers that allowed Iran's biggest buyers to carry on importing limited amounts of the nation's oil.

But oil prices began pulling back from their highest levels since October early on Wednesday, with the market now assessing whether or not major producers were actually likely to step in quickly with more supply in response to tougher action against Iran.

Elsewhere, America's top trade negotiators will travel to Beijing next Tuesday with a view to having a draft deal in place by May.

"[Next Tuesday's talks] will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases and enforcement," the White House said in a statement.

The visit by American officials, including US Trade Representative Robert Lighthizer and the Secretary of the Treasury, Robert Mnuchin, would be followed by another to Washington from Chinese officials, including Vice Premier Liu He.

Both sides were hoping to have a draft agreement in place by May, according to a person familiar with the matter quoted by Bloomberg News.

In corporate news, AT&T, Biogen, Boeing and Caterpillar will all publish their latest quarterly results ahead of the opening bell, while Facebook, Microsoft, PayPal, Tesla and Visa are all will release their own quarterly figures after the close.

Interactive Investor's market head Richard Hunter noted that while earnings season had, so far, "been generally positive", he warned that as the rest of the season unfolds, several sectors will be in sharp focus for investors.

"Expectations may be low, but this has not translated to market performance, where general corporate news and the Fed’s relatively laissez-faire attitude have propelled all three major indices strongly higher in the year-to-date – the Dow Jones has added 7.2%, the S&P500 is up 16% and the NASDAQ index has jumped 21%.

"The preliminary Q1 GDP number which will be announced on Friday will be further proof of whether the US economy has beaten expectations, despite the headwinds it has faced in 2019. It is then in the hands of the corporates as to whether they can deliver the goods and maintain the strong showing in the US markets thus far."

There were no major data points scheduled for release on Wednesday.