• The Dow Jones Industrial Average rose 113.99 points, or 0.44 percent, to 25,971.06, the S&P 500 gained 10.76 points, or 0.37 percent, to 2,887.89, and the Nasdaq Composite added 48.31 points, or 0.61 percent, to 7,972.47.

A broad index of world stock markets posted gains for a second straight day on Tuesday, as investors piled into U.S. technology and energy stocks even as a trade war loomed.

• MSCI’s index of global equities gained 0.17 percent as investors awaited action from U.S. President Donald Trump after a deadline for public comment on additional tariffs on Chinese goods expired.

• “The fact that Trump still hasn’t announced the tariffs yet as expected has prompted a bit of cautious optimism, but it’s not a problem that’s going to go away,” said CMC Markets analyst Michael Hewson.

• China told the World Trade Organization on Tuesday it wanted to impose $7 billion a year in sanctions on the United States in retaliation for Washington’s non-compliance with a ruling in a dispute over U.S. dumping duties.

• Trump told reporters on Tuesday that the United States was taking a tough stance with China, but he described trade talks with Canada as going well.

• Asia markets were mixed on Wednesday morning on the back of news that China will be making a request to the World Trade Organization to impose sanctions on the U.S.

• Japan's Nikkei 225 fell by 0.18 percent in the early trading hours, as South Korea's Kospi was higher by 0.13 percent.

• In Australia, the ASX 200 declined by 0.44 percent as the financial sector fell by 0.61 percent.

Reference: Reuters, CNBC