The Fed’s monetary policy announcement might be the highlight on Wednesday. The Labor Department report on producer price inflation will also get attention.
Early trends on the U.S. Futures Index suggest that Wall Street might open broadly up.
Asian shares finished also were mostly higher and European shares also were following that trend today.
As of 7.45 am ET, the Dow futures were down 86.00 points, the S&P 500 futures were adding 5.00 points and the Nasdaq 100 futures were progressing 16.50 points.
The US. major averages finished Tuesday firmly positive. The Nasdaq advanced 111.40 points or 0.8 percent to 13,573.32, the S&P 500 climbed 30.08 points or 0.7 percent to 4,369.01 and the Dow rose 145.79 points or 0.4 percent to 34,212.12.
On the economic front, the Producer Price Index or PPI Final Demand for May will be issued at 8.30 am ET. The consensus is for a decline of 0.1 percent, while it was up 0.2 percent in the prior month.
The Atlanta Fed’s Business Inflation Expectations for June will be released at 10.00 am ET. In the prior month, the Inflation Expectations were up 2.9 percent.
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 0.5 million barrels and the Gasoline Inventories were up 2.7 million barrels.
The Federal Open Market Committee or FOMC announcement will be at 2.00 pm ET. The consensus is for 0 bp, while it was up 25 bp.
The Fed Chair Press Conference will be held at 2.30 pm ET.
Asian stocks ended mixed on Wednesday. Chinese shares finished slightly lower after a World Bank report cautioned that China’s economic recovery remains fragile.
The benchmark Shanghai Composite index slipped 0.14 percent to 3,228.99 while Hong Kong’s Hang Seng index finished 0.58 percent lower at 19,408.42.
Japanese shares led regional gains. The Nikkei average jumped 1.47 percent to 33,502.42. The broader Topix index settled 1.31 percent higher at 2,294.53.
Australian markets eked out modest gains. The benchmark S&P/ASX 200 rose 0.32 percent to 7,161.70 while the broader All Ordinaries index ended 0.34 percent higher at 7,354.20.
Business News
Futures Suggests Wall Street To Open Broadly Up
2023-06-14 12:19:32
