Here is what you need to know.
Stocks just did something that has only happened during financial crises. Over the past 20 years, the S&P 500 has only suffered through four seven-day losing streaks, including the current skid. And all three of the previous losing streaks were a reaction to the collapse of Lehman Brothers or the European debt crisis.
MPs can block Brexit. The High Court has ruled that British Prime Minister Theresa May must pass a parliamentary act before Article 50, the mechanism to initiate Brexit, can be triggered. The government says it will appeal.
The Bank of England meets. The central bank is expected to hold its key interest rate at 0.25% and its QE program at £435 billion, but make changes to its growth and inflation forecasts. Ahead of the announcement, the British pound is up 1% at 1.2425 against the dollar. The decision will cross the wires at 8 a.m. ET.
Egypt floats its currency. Egypt’s central bank devalued the pound by 32.3% to 13 pounds per US dollar and said the currency will now float freely, Reuters says.
Facebook beats, but cautioned on 2017. The social media giant earned $1.09 per share on revenue of $7.01 billion, both well ahead of estimates, but warned that spending will increase in 2017 and that the News Feed is nearly at its capacity for ads. Shares of Facebook were down as much as 8% in Wednesday’s after hours session.
Fitbit crashes after missing on sales and slashing guidance. Shares of Fitbit crashed 30% in late trade after the company reported revenue of $504 million ($509 million expected), and guided both fourth quarter earnings per share and full-year revenue below Wall Street estimates.
The SEC is investigating Wells Fargo. The Securities and Exchange Commission is looking into whether or not Wells Fargo broke rules concerning investor disclosures and other matters related to its recent sales scandal, Reuters reports, citing the Wall Street Journal.
Stock markets around the world trade mixed. Japan’s Nikkei (-1.8%) trailed in Asia while China’s Shanghai Composite (+0.8%) outperformed. In Europe, France’s CAC (+0.5%) is out in front. The S&P 500 is set to open little changed near 2,099.
Earnings reporting is extremely heavy. Charter Communications, Chesapeake Energy, Hyatt Hotels, and MSG Networks are among the companies reporting ahead of the opening bell. Kraft Heinz, Las Vegas Sands, and Starbucks highlight the names releasing their results after markets close.
US economic data flows. Initial jobless claims will be released at 8:30 a.m. ET before ISM non-manufacturing and factory orders cross the wires at 10 a.m. ET. The US 10-year yield is unchanged at 1.80%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.