Taking a hint from the global cues, U.S. stock markets are set to open higher, as indicated by the early stock futures trading. NASDAQ (INDEXNASDAQ:NDX) Futures surged 0.26% to 4,321 while S&P 500 INDEX (INDEXCBOE:SPX) was 0.24% up at 2,052 during the early premarket trade.

Oil and European markets up

The markets seem to be drawing its optimism from rallying oil prices and positivity across the world markets. The wildfire in Alberta, Canada has led to shutting down of several oil facilities as a precautionary measure. Such operations halt at Canadian oil facilities might cause output decline, believed commodity traders, however, the validity of such thoughts were not confirmed. Besides this, the Libya violence has further added to hopes of production cut from the region, sending the oil prices above $45 per barrel.

China’s PMI slips in April

The surge in oil prices has encouraged European equity markets while most traders have fixated their focus on weekly initial jobless claims data and speeches from the Federal Reserve later today. However, Asian equities traded mixed on the back of gloomy Chinese data. The Caixin services purchasing managers’ index dipped further to 51.8 in April from 52.2 in March, pointing to a continued economic slowdown.

Meanwhile, the U.S. Dollar (CURRENCY:USD) continued to strengthen against the Yen and the Euro. Japan’s Prime Minister, Shinzo Abe’s comments that indicated at possible intervention from the government helped Yen prices to ease out.

Up ahead in the day, a series of speeches from the Federal Reserve Presidents will assume the spotlight for the markets. St. Louis Fed President, James Bullard, will speak at Santa Barbara County’s Economic Summit while San Francisco Fed President, John Williams, will address the Hoover Institution’s International Monetary Stability Conference. It is noteworthy that a number of Fed officials had indicated a June rate hike in their recent speeches at events.