After hitting a record-high this year, U.S. equities are set to claim another day of gain. Stocks continued their upward journey during the first part of the trading day, indicating that the market is preparing itself for another rally.

ADP and the Fed matters

S&P 500 Futures rose 0.40% to 2,063.50 and the Nasdaq is up 21 points to 4867. The private payroll report for March was issued by the ADP, hitting estimates at 200,000 added jobs. A speech from the Chicago Federal Reserve President, Charles Evans, about the U.S. economic outlook will be significant for the traders as well.

Wall Street had closed the earlier session on a high note with the S&P 500 and Dow finishing the day at their peak levels this year. The markets welcomed the Fed Chief Janet Yellen’s guarded tone about the possibility of another rate hike. Her comments forced interest rate futures to only anticipate a hike in November now.

World markets and oil

In other parts of the world, European indices extended their rally for the second consecutive day. Analysts believed that the Fed’s dovish comments spurred the rally in European markets. Asian counterparts too closed the day broadly higher while Japan’s Nikkei 225 made an exception by finishing the day in the red. The weakness in Japanese shares is attributed to weak factory output data released for February. A stronger yen has also dissolved gains in equities.

At the same time, recovery in oil prices could also influence U.S. equities positively. However, the Energy Information Agency’s official report on crude stock reserves, which is to come later today, will confirm the trend.