The Fed announcement and earnings news might be the highlight on Wednesday. Reports on private sector employment, service sector activity, and factory orders also might attract investor attention.
Asian shares finished mostly lower, while European shares are trading broadly down.
Early cues from the U.S. Futures Index suggest that Wall Street might open mostly down.
As of 7.40 am ET, the Dow futures were down 41.00 points, the S&P 500 futures were sliding 2.00 points and the Nasdaq 100 futures were progressing 20.75 points.
The U.S. major averages all finished Tuesday moderately higher. The Dow advanced 138.79 points or 0.4 percent to 36,052.63, the Nasdaq rose 53.69 points or 0.3 percent to 15,649.60 and the S&P 500 climbed 16.98 points or 0.4 percent to 4,630.65.
On the economic front, Automatic Data Processing or ADP’s Employment Report for October will be issued at 8.15 am ET. The consensus is for 400,000, while it was up 568,000 in the previous month.
Three Year Treasury Note and 10-year Treasury Note auction will be held at 8.30 am ET. 30-year Treasury Refunding announcement will be held at 8.30 am ET.
US Services Purchasing Managers’ Index or PMI’s Composite Final report for October will be revealed at 9.45 am ET. The consensus is 57.3.
The Commerce Department’s Factory Orders for September will be published at 10.00 am ET. The consensus is for an increase of 0.1 percent, while it was up 1.2 percent in the previous month.
The Federal Open Market Committee announcement will be held at 2.00 pm ET. The consensus range is 0 to 0.25 percent, while the prior range was 0 to 0.25 percent.
The Fed Chair Press Conference will be held at 2.30 pm ET.
Asian stocks ended broadly lower on Wednesday. Chinese shares ended slightly lower as new locally transmitted COVID-19 cases in the country spiked to a near three-month high and Premier Li Keqiang warned of economic downward pressure. Traders also looked ahead to a major Chinese Communist Party gathering to be held Nov. 8-11. The benchmark Shanghai Composite index slipped 7.09 points, or 0.20 percent, to close at 3,498.54 while Hong Kong’s Hang Seng index dropped 74.92 points, or 0.30 percent, to 25,024.75.
The Japanese stock market was closed in observance of Culture Day.
Australian markets rallied. The benchmark S&P/ASX 200 index climbed 68.40 points, or 0.93 percent, to 7,392.70, while the broader All Ordinaries index ended up 66.40 points, or 0.87 percent, at 7,713.
European shares are trading mostly lower. Among the major indexes in the region, the CAC 40 Index of France is progressing 3.44 points or 0.05 percent. The German DAX is losing 1.34 points or 0.01 percent, the U.K. FTSE 100 Index is declining 19.30 points or 0.26 percent.
The Swiss Market Index is down 14.27 points or 0.12 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.12 percent.
Business News
Futures Points To Broadly Lower Open For Wall Street
2021-11-03 12:04:31
