News You Need: Amazon, Altria
On Wednesday, it's all about the Federal Reserve. That's when the U.S. central bank will wrap up a two-day policy meeting, and most market observers are looking for a 50-basis-point cut in the fed funds rate as the Fed attempts to keep the economy from entering a recession. Since the official announcement won't come out until 2:15 p.m. EST, traders will have plenty of time to digest the day's earnings.
Expected are results from Altria ( MO), Boeing ( BA), Kodak ( EK), Kraft ( KFT), Merck ( MRK), SAP ( SAP), Amazon.com ( AMZN), JDSU ( JDSU) and Starbucks ( SBUX), among others. Aside from the Fed, the economic calendar will also feature the advance report on fourth-quarter gross domestic product and the ADP employment report. On TheStreet.com, Priya Ganapati will examine whether Apple's ( AAPL) iPhone sales goals are realistic, and Nicholas Yulico will explain why Home Depot ( HD) could be a buy right now.