Wall Street is set to open sharply higher on Wednesday morning, buoyed both by a favorable employment indicator and AMD's better-than-expected results.

Half an hour before the opening, Dow Jones futures are up 0.2%, while Nasdaq 100 futures are up over 2%, heralding a green start to the session.

Data from the monthly survey published by the specialist firm ADP showed a slowdown in wage growth, boosting hopes of a Fed rate cut in the near future.

The private sector created just 122,000 jobs in July, below expectations, since economists were forecasting around 160,000 new jobs for comparison.

Above all, ADP points out that wage growth slowed to 4.8% year-on-year in July, a deceleration it attributes to the Fed's efforts to counteract inflation.

If inflation ever picks up again, it won't be because of labor," warns Nela Richardson, ADP's chief economist.

Investors deduce that these figures consolidate the scenario of monetary easing, which could prompt the Federal Reserve to cut rates as early as September.

While the central bank, which will announce its monetary policy decisions in the afternoon, is not expected to change its key rates or make any spectacular announcements today, investors will be looking for signs of a rate cut in the autumn.

According to the CME Group's FedWatch barometer, the possibility of a
rate cut of 25 basis points in the autumn is now estimated at over 87%.

At the same time, AMD's good results should once again boost the semiconductor sector, which has been the main contributor to the technology sector's rise since the beginning of the year.

The microprocessor manufacturer's stock is expected to rise by over 7% after reporting in-line quarterly results, but unveiling a better-than-expected outlook.

Following in AMD's footsteps, stocks such as Nvidia, Broadcom and Micron are also expected to climb at the opening.

Boeing, also in demand after its results, is expected to rise, perhaps more due to the appointment of Robert Ortberg, an experienced aeronautics executive, as CEO than to the quality of its quarterly performance.

Conversely, Microsoft lost almost 2% in pre-opening trading after last night's better-than-expected second-quarter results, which also revealed a slowdown in its cloud growth.

On the bond front, US government bond yields are trading at imperceptible or just symbolic spreads as we await the Fed's announcements.

The yield on ten-year Treasuries is stabilizing at around 4.12%, while the dollar is losing ground on the currency markets, with the euro heading back towards 1.0840.

Oil prices - so far unaffected by the renewed tension in the Middle East - are rallying ahead of the release of weekly crude inventories in the USA later this afternoon.

West Texas Intermediate (WTI) is currently up 3.7% at over $77.5.

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