1. Stock Markets rally

Global stock markets are rallying right now and U.S. stock futures are pushing up. Investors are still feeling positive about Trump's pro-business agenda.

European markets are rising in early trading, with many indexes up by about 1%. Most Asian markets ended the day with gains.

The S&P 500 and Nasdaq both hit record highs on Wednesday. The Dow Jones industrial average climbed 0.6%. It's now less than 100 points away from the much-hyped 20,000 level.

The financial and materials sectors performed particularly well on Tuesday.

Gold prices are falling as the appeal of safe haven assets such as gold have faded.

2. Oil lower ahead of U.S. inventory data

Oil prices edged lower on Wednesday, pulling back from the prior session's gains as market players awaited fresh weekly information on U.S. stockpiles of crude and refined products.

The U.S. Energy Information Administration will release its weekly report on oil supplies at 15:30GMT Wednesday, amid analyst expectations for a rise of 2.8 million barrels.

Gasoline inventories are expected to rise by 498,000 barrels while stocks of distillates, which include heating oil and diesel, are forecast to fall by 970,000 barrels.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories rose by 2.9 million barrels in the week ended January 20.

The API report also showed a gain of 4.8 million barrels in gasoline stocks, while distillate stocks rose 2.0 million barrels.

3. Trump is going to build the wall

President Trump is expected to sign an executive action Wednesday directing federal resources toward building a border wall with Mexico.

In a late-night post Tuesday on Twitter, he wrote: "Big day planned on NATIONAL SECURITY tomorrow. Among many other things, we will build the wall!"

Shares in cement companies rallied Tuesday in anticipation of the announcement, expected during a visit to the Department of Homeland Security at 1:25 p.m. ET.

Mexico-based cement firm Cemex (CX) stock surged by 4%.

Trump on Tuesday signed executive actions to advance the approval of two controversial oil pipelines - Dakota Access and Keystone XL. His decision reverses efforts by former President Obama to block their construction.

4. Companies to watch

Boeing, United Technologies and Progressive are releasing earnings before the open Wednesday. Then AT&T, eBay and Qualcomm will release earnings after the close.

AT&T investors will be listening for news on its takeover of CNN's parent company, Time Warner. Trump - who previously said he was opposed to the deal - recently met with AT&T CEO Randall Stephenson, although the takeover did not come up in their talks.

Cisco is in the spotlight after the firm said it's taking over AppDynamics, a private company, for approximately $3.7 billion.

Shares in Cisco are expected to rise a bit at the open.