Wall Street Might Open In Negative Territory

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Key economic announcements and earnings reports might be the highlight on Wednesday. The Federal Reserve is likely to raise interest rates by another 25 basis points.

Initial trends on the U.S. premarket project that Wall Street might open lower.

Asian shares finished higher, while European shares are mostly up.

As of 7.05 am ET, the Dow futures were down 127.00 points, the S&P 500 futures were declining 10.75 points and the Nasdaq 100 futures were down 14.00 points.

The U.S. major averages all ended with strong gains on Tuesday. The Dow ended with a gain of 368.95 points or 1.09 percent at 34,086.04. The S&P 500 surged 58.83 points or 1.46 percent to 4,076.60, while the Nasdaq climbed 190.74 points or 1.67 percent to 11,584.55.

On the economic front, ADP Employment report for January will be published at 8.15 am ET. The consensus is 158,000, while it was up 235,000 in the prior month.

Three-year, Ten-year Treasury Note auction and 30-year Treasury bond auction will be held at 8.30 am.

The Treasury Refunding announcement will be held at 8.30 am ET.

The Purchasing Managers' Manufacturing Index or PMI is scheduled at 9.45 am ET.

The Institute for Supply Management or ISM's Manufacturing Index for January will be issued at 10.00 am ET. The consensus is 48.0, while it was up 48.4 in the prior month.

The Commerce Department's Construction Spending for December will be published at 10.00 am ET. The consensus is for a decline 0.1 percent, while it was up 0.2 percent in the prior month.

The Labor Department's Job Openings and Labor Turnover Survey or JOLTS for December will be revealed at 10.00 am ET. The consensus is 10.2 million, while it was up 10.458 million in the prior 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 up 1.8 million barrels.

The Federal Open Market Committee or FOMC meeting will be issued at 2.00 pm ET. The consensus is 25 bp, while it was up 50 bp. The Federal Funds rate target is in a range of 4.50-4.75 percent.

Fed Chair Press conference will be held at 2.30 pm ET.

Asian stocks advanced on Wednesday. Chinese shares rose today. China's Shanghai Composite index climbed 0.90 percent to 3,284.92 while Hong Kong's Hang Seng index gained 1.05 percent to settle at 22,072.18.

Japanese shares surrendered early gains to end on a flat note. The Nikkei average finished marginally higher at 27,346.88 while the broader Topix index slipped 0.15 percent to close at 1,972.73.

Australian markets eked out modest gains. The benchmark S&P/ASX 200 index rose 0.33 percent to 7,501.70 while the broader All Ordinaries index ended 0.31 percent higher at 7,709.70.

European shares are trading mostly higher. CAC 40 of France is gaining 7.53 points or 0.11 percent. DAX of Germany is adding 23.32 points or 0.15 percent. FTSE 100 of England is progressing 14.52 points or 0.19 percent. The Swiss Market Index is down 51.73 points or 0.46 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.29 percent.

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