U.S. stock markets appeared set to build on Tuesday’s gains, while Canadian markets re-open after the Canada Day holiday.

In U.S. economic news, U.S. private-sector employers slashed 79,000 jobs in June, the largest drop since November 2002, according to a report by ADP Employer Services,

The U.S. Commerce Department releases data on May’s factory orders at 10:00 ET.

There are no major economic releases from Statistics Canada today.

The technology sector is in focus after a report in the Wall Street Journal said Microsoft is preparing a new bid for Yahoo Internet search business, possibly in partnership with other companies.

In other M&A news, Blockbuster has abandoned its takeover bid for Circuit City Stores.

In other market news, General Motors could come under pressur after Merrill Lynch cut its rating on the U.S. automaker to “underperform” from “buy”.

Starbucks said Tuesday it will close 600 company-operated stores in the next year, up dramatically from its previous plan for 100 closures.

In earnings news, Deutsche Bank said it expects to report a profitable second quarter.

Crude oil was trading 21¢ higher at $141.18 a barrel in electronic trading on the New York Mercantile Exchange ahead of inventory statistics from the U.S. Energy Information Administration due later in the day.

Prices rose as high as US$143.33 a barrel Tuesday, just 34¢ shy of Monday’s trading record, before settling at US$140.97.

Overseas markets were mixed. In Japan the Nikkei average fell 1.3% Wednesday to hit its longest losing streak in more than 40 years.

In Europe, the U.K.’s FTSE 100 rose 1.5 per cent and Germany’s DAX index rose 1 per cent in afternoon trading.

On Tuesday, the Dow Jones industrial average rose 32.25 points, or 0.28%, to 11,382.26, again avoiding closing in bear market territory. The S&P gained 4.91 points, or 0.38%, to 1,284.91. The Nasdaq composite index advanced 11.99 points, or 0.52%, to 2,304.97.