Here is what you need to know.
The Fed is expected to hike rates. World Interest Rate probability data provided by Bloomberg shows a 100% chance the Fed hikes at Wednesday’s meeting. Traders will be paying close attention to the Fed’s dot plot for hints of the projected rate hike path.
Stocks just did something they haven’t done since 1995. The S&P 500 hasn’t had a 1% down day in 105 straight sessions, the longest streak since in 22 years.
UK unemployment dips.Unemployment in the UK fell to 4.7%, its lowest since the summer of 1975. However, real wage growth slowed to 0.8%, its weakest since October 2014.
The Netherlands is going to the polls. No party is expected to win an overall majority with prime minister Mark Rutte’s center-right party and Geert Wilders’s far-right party expected to perform well, according to the BBC.
Oil is making a comeback. West Texas Intermediate crude oil trades up 1.7% at $US48.54 per barrel and is on track to end its six-day skid. Selling on Tuesday pushed the price down to $US47.09, its weakest since the end of November.
An early Twitter investor hates the stock. Venture Capitalist Chris Sacca, who was one of Twitter’s first investors, once said he would defend the stock like one of his children, but he now he loves the service and hates the stock. Sacca tweeted that his fund sold most of its shares after Jack Dorsey was brought back as CEO in October 2015 and that he sold his personal shares in the fall of 2016.
Walgreens plans to sell more assets to win approval for its takeover of Rite Aid. The pharmacy chain is in talks to sell more assets to Tennessee-based discount chain Fred’s in order to win regulatory approval for its proposed takeover of Rite Aid, Bloomberg reports.
Stock markets around the world are mixed. Hong Kong’s Hang Seng (-0.2%) trailed in Asia and Britain’s FTSE (+0.3%) is out front in Europe. The S&P 500 is on track to open up 0.2% at 2,370.
Earnings reporting is light. Oracle will report after markets close.
US economic data is heavy. Empire Manufacturing, CPI, and retail sales will all be released at 8:30 a.m. ET while the NAHB Housing Market Index is due out at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.59%.
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