Morning Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Oct. 16:

1.-- U.S. stock futures were rising Wednesday as U.S. lawmakers continued talks on raising the nation's debt limit.

European stocks were declining. Asian shares ended Wednesday's session mixed. Japan's Nikkei 225 index rose 0.2%

2.-- The economic calendar in the U.S. Wednesday includes the NAHB Housing Market Index for October at 10 a.m. EDT, and the Federal Reserve's Beige Book for October at 2 p.m.

3.--U.S. stocks closed Tuesday with losses as progress to raise the nation's borrowing limit stalled. Fitch Ratings placed the U.S. 'AAA' credit on rating watch negative.

The S&P 500 dropped 0.71% to 1,698.06. The Dow Jones Industrial Average dipped 0.87% to 15,168.01. The Nasdaq decreased 0.56% to 3,794.01.

4.-- Senate leaders were optimistic about forging an 11th-hour bipartisan deal preventing a possible federal default and ending the partial government shutdown after Republican divisions forced GOP leaders to drop efforts to push their own version through the House.

Pressured by Thursday's deadline to raise the nation's borrowing capacity, Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., were hoping to shake hands on an agreement Wednesday and, if possible, hold votes later in the day.

5.-- Bank of America  (BAC) is expected by analysts Thursday to post third-quarter earnings of $2.13 billion, or 18 cents a share, compared to profit of 32 cents a share during the second quarter and a break-even third quarter of 2012, when debit valuation adjustments and several one-time items wiped out earnings. The consensus third-quarter revenue estimate is $22.03 billion, compared to $22.73 billion the previous quarter and $20.43 billion a year earlier.

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