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As of 6.15 am ET, the Dow Futures were up 33 points, the NASDAQ Futures were up 4.25 points, and the S&P Futures were up 3.40 points.
Stocks ended the previous session mixed looking for direction after World Bank gloomy forecast dented the optimism regarding global recovery and led to sell-off on Monday. While the S&P 500 finished up by 2.06 points or 0.2% at 895, the Dow slipped by 16.10 points or 0.2% to 8,323, and the Nasdaq dropped by 1.27 points or 0.1% to 1,765.
Wednesday's trading is likely to be impacted by a series of economic reports, including the reports on durable goods orders and new home sales. Economists look forward to a 0.9% decline in durable goods orders for May and an increase in new homes sales to 360,000. Oil may also be in focus as the Energy Information Administration is slated to release its weekly oil inventories report later in the day.
The much-awaited announcements from the Federal Reserve at the conclusion of the 2-day meeting is likely to drive the markets either way amid weak fundamentals and waning confidence about global recovery. Traders would love to read between the lines the assessment of Fed Reserve with regard to consumer spending and housing sector, on which the optimism for revival or recovery hinges.
Troubled banking giant, Citigroup Inc (C) intends to raise workers' base salaries by as much as 50% this year to offset smaller annual bonuses, according to people with direct knowledge of the plan, The New York Times reported on Tuesday.
Reports reveal that beleaguered automaker General Motors (GM | Quote | Chart | News | PowerRating) is planning to cut another 4,000 U.S. white-collar jobs by October 1, 600 more than it earlier announced, as part of an accelerated plan to shrink its work force.
Oracle Corp. (ORCL | Quote | Chart | News | PowerRating) said Tuesday after the markets closed that its fourth quarter profit fell about 7% from last year, as a stronger U.S. dollar ate into the company's sales and profit.
Contract electronics manufacturer Jabil Circuit Inc. (JBL | Quote | Chart | News | PowerRating), Tuesday after the markets closed reported a net loss for the third quarter due to restructuring and impairment charges, and lower revenues. The company's Q4 revenue forecast was also lower than analysts estimates.
Quick service drive-in restaurant chain operator Sonic Corp. (SONC | Quote | Chart | News | PowerRating), said Tuesday after the markets closed that its profit declined in the third quarter from a year ago, as sales dropped below expectation, reflecting challenging consumer environment, amid the economic slowdown.
Greeting cards seller American Greetings Corp. (AM | Quote | Chart | News | PowerRating) is scheduled to release its first quarter earnings results before the market opens for trading.
Operator of retail stores chain Bed Bath & Beyond (BBBY | Quote | Chart | News | PowerRating) is slated to release financial results for the first quarter during the day. Analysts expect the company to report earnings of $0.25 per share for the quarter.
Provider of agricultural products, Monsanto Corp. (MON | Quote | Chart | News | PowerRating) will be releasing its third quarter results before the market opens for trading. Analysts expect the company to report earnings per share of $1.17 for the quarter.
A slew of results from companies such as open source software solutions provider RedHat (RHT | Quote | Chart | News | PowerRating), Darden Restaurants (DRE | Quote | Chart | News | PowerRating), CKE Restaurants (CKE | Quote | Chart | News | PowerRating), payroll services provider PayChex (PAYX | Quote | Chart | News | PowerRating) and footwear maker Nike (NKE | Quote | Chart | News | PowerRating) after the markets close will also be on interest to the traders to get a sense of the impact of slowdown on these companies.
Light sweet crude oil price for August delivery is presently trading at $68.91, down 33 cents, ahead of the inventory report from the EIA. The Euro is showing weakness against the US dollar and other currencies in Europe after economic data from Italy indicated that consumer confidence in the country rose to its highest level since December 2007.
The markets across Europe are trading in the green with marginal gains ahead of the key FOMC announcement later in the day.
Asian markets ended trading in positive territory on recovery hopes after modest rise in commodity and oil prices in the market. However, trading activity is subdued looking for direction.
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