MARKET SNAPSHOT: U.S. Stocks: Futures Point To Upbeat End To 2014

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- U.S. stocks were on track to end 2014 in style, with futures pointing to a higher open on Wall Street Wednesday and indicating the major benchmarks will post solid gains for the full year. But before investors can break out into New Year Eve's celebrations, a trifecta of economic data will arrive to provide them with cues.

Futures for the Dow Jones Industrial Average (DJH5) picked up 19 points, or 0.1%, to 17,960, while those for the S&P 500 index (SPH5) added 4.10 points, or 0.2%, to 2,080.80. Futures for the Nasdaq 100 index (NDH5) climbed 5.25 points, or 0.1%, to 4,288.

December has been a volatile month for stock markets globally, but U.S. indexes have recovered, with the S&P 500 index and the Dow industrials now on track for monthly advances.

For the full year, the S&P is on track for a 13% advance, the Dow eyeing an 8.5% rise and the Nasdaq poised for a 14% jump. While the advances are greater than for benchmarks in Japan and most of Europe, those yearly performances would still be shy of their stellar outcome in 2013, when the Nasdaq surged 38% and the S&P jumped 30%.

U.S. stocks closed lower on Tuesday. On Wednesday, both the New York Stock Exchange and Nasdaq will observe regular trading hours, closing at 4 p.m. Eastern. Regular trade will resume on Friday, Jan. 2. See: When do markets close on New Year's Eve?

Data: With little activity in Europe, U.S. data will be closely watched on Wednesday and could have an impact on the performance of the stock markets. First up is a reading on weekly jobless claims at 8:30 a.m. Eastern Time. Economists polled by MarketWatch predict initial jobless claims will rise to 290,000, up from 280,000 in the prior week.

At 9:45 a.m. Eastern, the Chicago PMI is expected to deliver another strong reading for the final month of the year. Pending home-sales figures at 10 a.m. Eastern are likely to show a slight rise in November.

Movers and shakers: Shares of NephroGenex Inc.(NRX) could move after the biotech firm late Tuesday announced positive safety study results for its diabetic nephropathy treatment Pyridorin.

Another biotech company, MiMedx Group Inc. (MDXGE) was also in the spotlight after it said it plans to exceed the upper end of its revenue guidance for the fourth quarter and full year 2014.

NeuroDerm Ltd. (NDRM) lost 6.3% ahead of the bell on Wednesday after posting a 194% jump on Tuesday on the back of positive results for a treatment for Parkinson's disease.

Tesla Motors Inc. (TSLA) rose 1.9% in premarket action.

Other markets: Trading was upbeat, but thin in Europe, with German and Italian stock markets already closed for New Year's Eve. The U.K.'s FTSE 100 and France's CAC 40 index close around lunch European time.

In Asia, most markets ended higher, although Australia and New Zealand closed in the red. There was no trading in Japan.

The dollar (DXY) was little changed, keeping its 12% advance for 2014 and on track for its best year since 2005, according to FactSet data. Oil prices slumped, while metals prices dropped across the board.

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