NEW YORK (TheStreet) -- U.S. stock indices lost momentum Wednesday as the markets looked ahead to a trio of interest-rate setting results on Thursday and the big job report on Friday. The Federal Reserve's Beige Book snapshot of economic conditions didn't hold any surprises.
Watch the video below for more on how U.S. markets ended the trading day Wednesday:
European Central Bank President Mario Draghi is under rising pressure to inject additional stimulus into the world markets after raising such hopes at last month's central bankers symposium in Jackson Hole, Wyo.
"The expectation is he will unleash more stimulus. If it is more than expected, markets will likely rally. If it is less than expected we could be in for a hard day tomorrow," said Karyn Cavanaugh, CFA, senior market strategist, Voya Investment Management. The Fed's Beige Book for September spoke of moderate or modest economic growth in 10 of 12 Fed districts. None of the areas witnessed a distinct shift in the pace of growth. There was slight to moderate consumer spending growth in most regions, as loan volumes rose in most. The manufacturing outlook was broadly optimistic. U.S. factory orders data that arrived before the Beige Book was in line with expectations as well. Orders jumped 10.5% in July vs. the 11% consensus, the Census Bureau reported on Wednesday. As expected, they fell 0.8% excluding the transportation component, which was driven by big orders from Boeing (BA) . Strong underlying results such as a 1.2% rise in shipments and a June upward revision was consistent with expectations of continued manufacturing expansion. In Wednesday's corporate headlines, Delta Air Lines (DAL) slumped 5.16% to $38.82 after warning of higher jet fuel costs in the third quarter and trimming operating margin and passenger unit revenue growth forecasts for the period due to the geopolitical concerns.
Facebook (FB - Get Report) fell 1.11% to $75.83 after reports of a big outage in both its web and mobile platforms. Netflix (NFLX) was up 0.17% to $477.39 after striking a deal with Time Warner's (TWX) Warner Bros. to secure streaming rights in the U.S. and international markets for "Gotham," a TV show that tells of the city before Batman, and is one of the fall's most anticipated new dramas, The Wall Street Journal reported, citing people familiar with the matter. The United States Oil Fund LP (USO) rose 2.18% to $35.55 and the SPDR Gold Trust (GLD) added 0.41% to $122.15 as the U.S. dollar drifted lower against a basket of major currencies. Read More: Sept. 3 Premarket Briefing: 10 Things You Should Know --By Andrea Tse in New York Follow @AndreaTTse