U.S. stock index futures bounced back ahead of Wednesday’s open, as investors awaited the decision from the latest Federal Open Market Committee (FOMC) monetary policy meeting.
Dow Jones industrial average futures rose 217 points, boosted by a 5.4 percent gain in Boeing. The aerospace giant reported better-than-expected quarterly results. S&P 500 and Nasdaq 100 futures gained 13.50 points and 30.50 points, respectively.
The major indexes fell sharply in the previous two sessions, with the Dow falling more than 500 points in that time period. Rising yields have also put stocks under pressure, elevating concerns over whether higher interest rates could snuff out the bull market.
On Wednesday, earnings, data and the U.S. Federal Reserve are set to be at the front of investors’ minds.
The FOMC is expected to conclude its latest two-day policy meeting. While the Federal Reserve isn’t expected to make any changes to its policy stance, the meeting will mark the last time Janet Yellen will act as chair of the central bank, before the role is passed on to Jerome Powell. The FOMC’s meeting announcement is set to come out at 2 p.m. ET.
A number of data releases are set to be published. Ahead of Friday’s nonfarm payrolls data, investors will be looking closely to jobs data Wednesday.
At 8:15 a.m. ET, ADP national employment report is due out, followed by the employment cost index at 8:30 a.m. ET. At 9:45 a.m. ET, Chicago purchasing manager index (PMI) is due, followed by pending home sales data at 10 a.m. ET. Mortgage Applications will also be released as usual, at 7 a.m. ET.
In earnings, AT&T, eBay, Facebook, Microsoft, Mondelez International,PayPal, Qualcomm, and Symantec are some of the big names to release figures after the bell.
On the political front, investors are likely to be mulling over the latest State of the Union address, made by President Donald Trump on Tuesday night.
The overall theme of the incumbent’s speech was “a safe, strong and proud America,” with Trump touching upon topics such as immigration, bipartisan cooperation, infrastructure and the economy.