NEW YORK (
) -- Stock futures were wavering Wednesday as investors await the conclusion of the
two-day meeting and possible signals about the direction of the central bank's bond-buying stimulus program.
Futures for the
were falling 1.25 points, or 0.96 points below fair value, to 1,644.
A Birinyi Associates report showed that the S&P 500 is lower 62% of the time for an average loss of 39 basis points the day after a Federal Open Market Committee meeting. Meantime, the market rises on FOMC days 62% of the time for an average gain of 0.37%, according to the report.
The FOMC meeting is expected to issue its latest economic projections at 2 p.m. New York time followed by a news conference with Fed Chairman Ben Bernanke at 2:30 p.m.
According to economists polled by
, the consensus expectation is that the Fed will continue purchasing $85 billion of securities each month. However, the median estimate indicates an expectation that tapering could begin at the Oct. 29-30 meeting with buying being cut to $65 billion a month.
A departure from the Fed Funds rate range of 0 to 25 basis points is not expected by the economists polled by
. The last time rates were adjusted was on Dec. 16, 2008, when the central bank lowered the benchmark interest rate to near-zero levels.
shares were down 3.14% to $7.09.
, the satellite TV operator, said Tuesday it wouldn't submit a revised bid for Sprint, clearing the way for Sprint to be acquired by Japan's
. Sprint had given Dish until Tuesday to submit a sweetened bid for the No. 3 wireless carrier in the U.S.
(FDX - Get Report)
was slipping 0.73% to $98.75 after the shipping giant's CEO Fred Smith expressed continued concerns about global economic growth after reporting quarterly revenue that matched estimates and earnings per share that topped expectations.
(VNDA - Get Report)
was plummeting 13.92% to $9.40 even after telling earlier this week a compelling story about the development of tasimelteon for the treatment of a rare sleep-pattern disorder that affects blind people as investors remain
skeptical for a number of reasons
, including that the design of Vanda's primary phase III study changed numerous times, including a complete replacement of the primary endpoint just one month before study results were announced.
(ADBE - Get Report)
was gaining more than 6.5% to $46.26 in premarket trading. The company said fiscal second-quarter profit fell to $76.6 million, or 15 cents a share, from $233.9 million, or 45 cents a share, a year earlier. Adjusted earnings in the quarter were 36 cents a share.
Revenue fell 10% to $1.01 billion. Wall Street expected Adobe to post earnings of 33 cents a share on revenue of $1.01 billion. Adobe said revenue from subscriptions jumped 60% in March through May from a year earlier, to $254.5 million.
Futures for the
Dow Jones Industrial Average
were off 9 points, or 5.23 points below fair value, to 15,235. Futures for the
were up 2.5 points, or 1.56 points above fair value, to 2,991.
The FTSE 100 in the U.K. was rising 0.06% while the DAX in Germany was gaining 0.6%. The Nikkei 225 in Japan closed up 1.83% while the Hong Kong Hang Seng finished down 1.13%.
The benchmark 10-year Treasury was falling 1/32, raising the yield to 2.192%. The dollar was up 0.06% to $80.66 according to the
U.S. dollar index
August gold futures were ticking down 10 cents to $1,366.80 an ounce, while August crude oil futures were up 47 cents to $99.14 a barrel.
Written by Andrea Tse in New York
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