Futures Point To Higher Opening For Wall Street

All eyes and ears are on FOMC meeting announcements and the press conference to be held on Wednesday afternoon. Economists are looking for an increase in Federal rates by 25 basis points. Asian shares closed mostly higher, while European shares are trading lower.

Early signs from U.S. Futures Index are pointing to a moderately higher opening on Wall Street.

As of 6.30 am ET, the Dow futures were adding 7 points, the S&P 500 futures were unchanged from the previous close and the Nasdaq 100 futures were up 6 points.

U.S. stocks closed broadly higher on Tuesday. Dow Jones Industrial average and S&P 500 closed higher, while Nasdaq finished 0.2 percent lower.

On the economic front,the Federal Open Market Committee’s meeting announcement will be at 2.00 pm ET. The consensus is for Federal Funds rate of 1.375 percent, up 25 basis points to a range of 1.25 to 1.50 percent, compared to previous range of 1.00 to 1.25 percent. FOMC forecasts will be at 2.00 pm ET. FED Chair press conference that would help enhance the clarity and timeliness of Fed’s monetary policy, would be held at 2.30 pm ET.

The Mortgage Bankers Association’s Mortgage Applications for the week will be issued at 7.00 am ET. In the prior week, the composite index was 4.7 percent.

Consumer Price Index for November will be published at 8.30 am ET. The economists are looking for consensus of 0.4 percent, compared to 0.1 percent in the prior month.

The Energy Information Administration (EIA) that provides weekly information on petroleum inventories in the U.S., whether produced here or abroad will be released at at 10.30 am ET. The crude oil inventories in the previous week was a deficit of 5.6 million barrels.

In the corporate sector, Deutsche Telekom (DTEGY.PK) announced that the company and EWE are planning to expand the region’s fiber-optic network and to directly connect over a million private households to it, using FTTB/FTTH.

Asian markets ended broadly higher on Wednesday. Shanghai Composite Index was…

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