On a day of possibly subdued trading, the FOMC policy announcement and Fed Chairman Jerome Powell’s first media address after Trump into power might get attention on Wednesday. Early signs from the U.S. Futures Index suggest that Wall Street might open broadly down.
In the Asian trading session, the dollar held steady, while gold ticked lower. Oil prices were mixed on the day.
Asian shares ended broadly higher, while European shares were trading mostly positive.
As of 7.55 am ET, the Dow futures were declining 13.00 points, the S&P 500 futures were down 0.25 points and the Nasdaq 100 futures were progressing 65.50 points.
The U.S. major averages finished higher on Tuesday. The Nasdaq surged 391.75 points or 2.0 percent to 19,733.59. The S&P 500 also jumped 55.42 points or 0.9 percent to 6,067.70, while the narrower Dow rose 136.77 points or 0.3 percent to 44,850.35.
On the economic front, the International Trade in Goods (Advance) for December will be issued at 8.30 am ET. The consensus is for a deficit of $105.5 billion, while the deficit was $102.9 billion in November.
The Retail Inventories (Advance) for December will be released at 8.30 am ET. In the prior month, the inventories were up 0.3 percent.
The Wholesale Inventories (Advance) for December will be revealed at 8.30 am ET. The consensus is for an increase of 0.3 percent, while it was down 0.2 percent in November.
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 down 1.0 million barrels and the gasoline inventories were up 2.3 million barrels.
The Survey of Business Uncertainty for December will be revealed at 11.00 am ET. In the prior month the sales growth was 3.89 percent and employment growth was 4.46 percent.
The 4-month Treasury bill auction will be held at 11.30 am ET.
The Federal Open Market Committee or FOMC meeting announcement is scheduled at 2.00 pm ET. The consensus is for change of 0 bp, while it was down 25 bp in the prior period.
The Fed Chair Press Conference to explain the FOMC’s latest quarterly economic projections will be held at 2.30 pm ET.
Asian stocks rose on Wednesday. China, Hong Kong, Singapore, and South Korea markets were closed for the Lunar New Year holidays.
Japanese markets rallied. The Nikkei average jumped 1.02 percent to 39,414.78. The broader Topix index settled 0.68 percent higher at 2.775.59.
Australian shares advanced. The benchmark S&P/ASX 200 climbed 0.57 percent to 8,447 while the broader All Ordinaries index ended up 0.65 percent at 8,700.70.
Business News
Wall Street Might Open Broadly Down
2025-01-29 13:18:48
