Here are five things you must know for Wednesday, Dec. 26:
1. -- Stock Futures Rise After Christmas Eve Plunge
U.S. stock futures rose modestly on Wednesday, Dec. 26, and shares in Asia finished mostly lower after Wall Street slumped Monday following Donald Trump's continued attacks on the Federal Reserve, saying the central bank was the U.S. economy's "only problem."
Contracts tied to the Dow Jones Industrial Average rose 170 points, futures for the S&P 500 were up 21 points, and Nasdaq futures gained 59.75 points. Wall Street was closed Tuesday for Christmas.
Trump told reporters Tuesday that the Fed was "raising interest rates too fast because they think the economy is so good. But I think that they will get it pretty soon."
The Fed raised rates earlier this month for the fourth time in 2018.
U.S. stocks tumbled more than 2% on Monday, Dec. 24, after Trump said in a tweet that the Fed doesn't "have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"
The S&P 500 has fallen 19.8% from its all-time high on Sept. 20 - a decline of 20% would put the benchmark index in bear market territory.
Treasury Secretary Steven Mnuchin's call over the weekend to the CEOs of the six biggest U.S. banks did little to calm investors' nervousness.
2. -- Mnuchin in 'Serious Jeopardy' With Trump - Report
Speaking of the Treasury secretary, Donald Trump's frustration with Steven Mnuchin has grown following the stock market's huge pullback on Christmas Eve despite Mnuchin's attempts to calm Wall Street, CNN reported, citing a source close to the White House.
Mnuchin said he spoke with the CEOs of the country's six biggest banks - including JPMorgan Chase & Co. (JPM) - Get Report and Bank of America Corp. (BAC) - Get Report - last weekend to ensure there was ample liquidity in the financial system. From those conversations, Mnuchin said, the CEOs "have not experienced any clearance or margin issues and that the markets continue to function properly."
The source told CNN that Mnuchin could be in "serious jeopardy" with Trump. The source also said that Mnuchin was "under the gun."
But Trump did vouch for Mnuchin publicly, shifting blame for the market volatility to the Federal Reserve instead, CNN noted.
"Yes, I do," Trump said Tuesday when asked whether he had confidence in Mnuchin. "Very talented, very smart person."
3. -- Trump Says 'Nothing New' on Government Shutdown
Donald Trump said there was "nothing new' on the partial shutdown of the U.S. government that started Saturday.
"Nothing new. Nothing new on the shutdown. Nothing new. Except we need border security," Trump told reporters Tuesday, the Associated Press reported.
The White House said Trump would reject any deal that doesn't include funding for a wall or a fence at the U.S.-Mexico border.
The Democrats in Congress staunchly oppose funding for the wall and have offered $1.3 billion for security. Trump has demanded $5 billion.
About 800,000 government workers are affected by the shutdown.
4. -- Holiday Retail Sales Rise 5.1%
Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, The Wall Street Journal reported, citing data from Mastercard SpendingPulse.
U.S. consumers overall spent more than $850 billion this holiday season, according to Mastercard.
Sales from online shopping jumped 19.1% between Nov. 1 and Dec. 24 from a year-earlier. according to Mastercard. The Journal noted how chains such as Walmart Inc. (WMT) - Get Report and Target Corp. (TGT) - Get Report extended deadlines to get online orders delivered before Christmas, while Amazon.com Inc. (AMZN) - Get Report in some cities offered Prime members the option of free same-day delivery on Christmas Eve.
Sales at department stores fell 1.3% between Nov. 1 and Dec. 24, in part due to store closings.
5. -- Case-Shiller Report Highlights Wednesday's Calendar
The economic calendar in the U.S. Wednesday includes the S&P Corelogic Case-Shiller Home Price Index for October at 9 a.m. ET, and the Richmond Fed Manufacturing Index for December at 10 a.m.