This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Market Hustle: Stock Futures Rise Ahead of Fed Rates Decision

NEW YORK (TheStreet) -- U.S. stock futures were pointing higher Wednesday as investors turned their attention to the Federal Reserve, the U.S. current account deficit narrowed and U.K. growth forecasts were upgraded.

  • Dow Jones Industrial Average futures were up 22 points, or 24.81 points above fair value, to 16,284 while S&P 500 futures were up 3 points, or 2.15 points above fair value, to 1,866.75. Nasdaq futures were up 7.8 points, or 4.78 points above fair value, to 3,702.8.
  • The focus on Wednesday will be the FOMC announcement at 2 p.m. EDT followed by a press conference with Fed Chairwoman Janet Yellen. A further $10 billion reduction in the central bank's monthly bond-buying program is predicted. The FOMC announcement also is expected to unveil the abandonment of the 6.5% jobless threshold for considering whether to increase interest rates.
  • Fed officials are also anticipated to provide forward guidance based on a range of economic data, and include qualitative guidance.
  • The U.S. current account deficit fell to its lowest level in 14 years at $81.1 billion in the fourth quarter, the Commerce Department said.
  • U.S. stocks moved higher Tuesday after Russian President Vladimir Putin calmed markets by assuring there would be no further moves into Ukraine. Weaker-than-expected housing data released Tuesday isn't expected to see the Federal Reserve vary from its course of cutting bond purchases this week.
  • International markets were generally looking to head higher with the FTSE 100 paring losses and trading sideways after the UK's economic growth was upgraded to 2.7% from 2.4% according to Chancellor George Osborne. The DAX in Germany up 0.74%, the Hong Kong Hang Seng settled down 0.07% and the Nikkei 225 in Japan closed up 0.36%.
  • FedEx (FDX - Get Report) was off 0.41% after results were tarnished by the severe winter weather. The company's full-year outlook disappointed and its fiscal third-quarter earnings of $1.23 a share missed the average analyst estimate of $1.45 on lower-than-expected revenue.
  • General Mills (GIS - Get Report) reported fiscal third-quarter earnings, missing estimates by 2 cents at 62 cents a share on weaker-than-expected sales in the face of increased competition from store brands and more marketing expenses.

-- Written by Andrea Tse in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
FDX $165.67 -0.65%
GIS $56.92 1.00%
AAPL $125.29 -0.85%
FB $83.20 0.01%
GOOG $552.60 0.10%


DOW 17,922.06 -54.25 -0.30%
S&P 500 2,083.40 -2.84 -0.14%
NASDAQ 4,940.5510 -6.89 -0.14%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs