Stock futures are higher on Wednesday morning after a strong finish on Tuesday ended five down days, and ahead of the Federal Reserve’s policy statement.
Near 7:53 a.m. ET, Dow futures were up 43 points, S&P 500 futures were up 4 points, and Nasdaq futures were up 11 points.
At 10:00 a.m. ET, we’ll get data on pending home sales. Half an hour later, oil watchers will get the Energy Information Administration’s latest weekly tally of US crude stockpiles.
But the market event everyone is anticipating today is the Fed’s monetary policy statement at 2:00 p.m., which won’t be accompanied by staff economic projections or followed by a press conference.
Many economists say it will be comparably a non-event, with the Fed reiterating its data-dependent stance. However, the statement will be parsed for any clues the Fed gives on its readiness to raise interest rates.
Ahead of that statement, the dollar index was unchanged near 96.78. Treasuries were weaker, with the benchmark 10-year yield up two basis points at 2.275%.
Twitter shares are getting crushed today after slumping in after-hours trading yesterday. The company reported profits ahead of estimates. But at the same time, interim CEO Jack Dorsey said “we do not expect to see sustained meaningful growth in [monthly active users] until we start to reach the mass market.” Shares plunged 10% ahead of the open.
Yelp is also getting smoked, down 20% premarket after the company slashed full-year earnings forecasts.
MasterCard shares fell 3% after an earnings miss, as the company continues to grapple with foreign currency movements and the strong dollar.