Here is what you need to know.
At least 8 dead in New York City after Tuesday’s terror attack. A driver plowed a truck down a bike lane, hitting cyclists and pedestrians in Lower Manhattan, leaving at least eight people dead and 11 injured.
It’s a Fed day. While little is expected at Wednesday’s meeting, traders will be parsing the Fed’s statement for clues it remains on track to hike rates in December. Thursday will be the big Fed event this week as that’s when President Donald Trump is expected to appoint Jerome Powell as the next Fed chair.
Rate hike odds are falling. The market sees a 0% chance the Fed hikes at Wednesday’s meeting, and a 66.8% chance it hikes again before the end of the year. The odds of a December rate hike were over 80% just two days ago.
House Republicans are delaying their tax bill rollout. The bill, which was expected to be revealed on Wednesday, will be rolled out on Thursday as GOP tax writers still need to iron out various details, including possible changes to 401(k) retirement accounts and the income level at which the top marginal tax rate will kick in.
Bitcoin hits a new high. The cryptocurrency climbed above $US6,500 a coin for the first time on Wednesday. It’s currently up 3.42% at $US6,597.
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Tesla has reportedly solved its Model 3 bottleneck. Shares of the electric automaker jumped 3.58% on Tuesday after Panasonic’s CEO, the company’s battery production partner, said the Model 3 production bottleneck has been solved.
Under Armour suddenly has a huge Gen Z problem. During its third-quarter conference call, Under Armour listed its youth business, which has historically been a strength, as one of its weakest categories.
Stock markets around the world are higher. Japan’s Nikkei (+1.86%) led the gains in Asia and Germany’s DAX (+1.58%) is out front in Europe. The S&P 500 is set to open up 0.43% near 2,586.
Earnings reporting remains heavy. Groupon reports ahead of the opening bell while Facebook, GoPro, Kraft Heinz, Tesla and Qualcomm release their quarterly results after markets close.
US economic data flows. ADP Employment Change will be released at 8:15 a.m. ET before Markit US Manufacturing PMI and ISM Manufacturing cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively. US auto sales will be announced throughout the day. The US 10-year yield is up 1 basis point at 2.39%.
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