Wall Street Aims To Bounce Back

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The Fed announcement might be the highlight on Wednesday. Earnings reports also will get special attention. Microsoft (MSFT) is among the companies releasing their quarterly results after the close of today's trading.

Asian shares finished mixed, while European shares are trading positive.

As of 7.10 am ET, the Dow futures were up 337.00 points, the S&P 500 futures were adding 57.00 points and the Nasdaq 100 futures were progressing 258.25 points.

The U.S. major stocks ended mostly lower on Tuesday. The Dow fell more than 800 points in early trading before rebounding into positive territory but ended the day down 66.77 points or 0.2 percent at 34,297.73.

The S&P 500 also briefly peeked above the unchanged before once again coming under pressure going into the close, slumping 53.68 points or 1.2 percent to 4,356.54.

Meanwhile, the tech-heavy Nasdaq fluctuated but largely remained firmly negative, plunging 315.83 points or 2.3 percent to 13,539.30.

On the economic front, the Census Bureau's International Trade in Goods (Advance) for December will be published at 8.30 am ET. The consensus is for a deficit of $95.1 billion, while it was down $97.8 billion in the prior month.

The Retail Inventories (Advance) for December will be released at 8.30 am ET. In the prior month, the inventories were up 2.0 percent.

The Wholesale inventory is scheduled to publish 8.30 am ET. The consensus is for an increase of 1.3 percent, while it was up 1.2 percent in the prior month.

The Commerce and the Housing and Urban Development department's New Home Sales for December will be revealed at 10.00 am ET. The consensus is for 760K, while it was up 744K in the previous month.

The Energy Information Administration or EIA's Petroleum Status Report for the week is expected at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 0.5 million barrels, and the Gasoline Inventories were 5.9 million barrels.

The Survey of Business Uncertainty for January is expected at 11.00 am ET. In the prior month, the Sales Growth was 4.45 percent, and the Employment growth was 4.61 percent.

A two-year Floating Rate Note auction will be held at 11.30 am ET.

The Federal Open Market Committee or FOMC announcement is scheduled at 2.00 pm ET. The consensus for Federal Funds rate is 0 to 0.25 percent. The Fed Chair Press conference will be at 2.30 pm ET.

Asian stocks ended mixed on Wednesday. China's Shanghai Composite Index fluctuated before ending 0.66 percent higher at 3,455.67. Hong Kong's Hang Seng index finished 0.19 percent higher at 24,289.90 as technology stocks advanced.
Markets in Australia and India were closed for holidays.

Japanese shares closed at a 13-month low amid Covid-19 concerns and ahead of Fed decision. The Nikkei average slipped 120.01 points, or 0.44 percent, to 27,011.33.
The broader Topix index closed 0.25 percent lower at 1,891.85.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is progressing 158.40 points or 2.32 percent. The German DAX is adding 346.96 points or 2.29 percent, the U.K. FTSE 100 Index is gaining 133.47 points or 1.80 percent.

The Swiss Market Index is adding 186.03 points or 1.56 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is 2.39 percent.

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