The Fed’s announcement is the most sought-after announcement on Wednesday. The manufacturing activity, construction spending, and job openings as well as, the latest earnings results from major corporates will get special attention.
Early trends on the U.S. Futures Index suggest that Wall Street might open lower.
Asian shares finished mixed, while European shares are trading mostly down.
As of 7.55 am ET, the Dow futures were down 128.00 points, the S&P 500 futures were sliding 19.75 points and the Nasdaq 100 futures were falling 76.25 points.
The U.S. major averages finished Tuesday near their best levels of the session. The Dow rose 123.91 points or 0.4 percent to 33,052.87, the Nasdaq climbed 61.76 points or 0.5 percent to 12,851.24 and the S&P 500 advanced 26.98 points or 0.7 percent to 4,193.80.
On the economic front, the Three-year and 10-year Treasury Note auction announcements are scheduled at 8.30 am ET.
A 30-year Treasury Bond auction will be held at 8.30 am ET.
The Treasury Refunding Announcement will be at 8.30 am ET.
The PMI Manufacturing Final is scheduled at 9.45 am ET.
The ISM Manufacturing Index for October will be issued at 10.00 am ET. The consensus is 49.0, while it was up 49.0 in the prior month.
The Construction Spending for September will be released at 10.00 am ET. The consensus is for increase of 0.4 percent, while it was up 0.5 percent in the prior month.
The Labor Department’s Job Openings and Labor Turnover Survey or JOLTS for September is expected at 10.00 am ET. The consensus is 9.375 million, while it was up 9.610 million in August.
The Energy Information Administration or EIA’s Petroleum Status report for the week is scheduled at 10.30 am ET. In the prior week, the Crude Oil inventories were up 1.4 million barrels.
The Federal Open Market Committee or FOMC announcement will be at 2.00 pm ET. The consensus is for 0 bp, with Federal Funds Rate – Target Range in the range of 5.25 to 5.50 percent
The Fed Chair Press Conference will be at 2.30 pm ET.
Asian stocks rose broadly on Wednesday. Chinese shares ended on a positive note. The benchmark Shanghai Composite index edged up 0.14 percent to 3,023.08.
Hong Kong’s Hang Seng index finished marginally lower at 17,101.78. China’s Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September.
Japanese shares rallied today. The Nikkei average jumped 2.41 percent to 31,601.65. The broader Topix index soared 2.53 percent to 2,310.68.
Australian markets rose notably. The benchmark S&P/ASX 200 rose 0.85 percent to 6,838.30. The broader All Ordinaries index settled 0.82 percent higher at 7,024.60 ahead of the RBA meeting on Nov. 7.
European shares are trading mostly lower. CAC 40 of France is down 8.96 points or 0.13 percent. DAX of Germany is adding 102.27 points or 0.69 percent. FTSE 100 of England is declining 15.83 points or 0.21 percent. The Swiss Market Index is up 40.15 points or 0.39 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.23 percent.
Source: Read Full Article