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Here are five things you must know for Wednesday, Dec. 14:
1. -- U.S. stock futures pointed to a mixed start for Wall Street on Wednesday and European shares declined ahead of a decision on interest rates and fresh economic forecasts from the Federal Reserve.
Fed-watchers expect the central bank to lift rates by 25 basis points -- the first rate hike since last December -- and many forecasters are calling for at least two more increases in 2017.
The Fed announcement is expected at 2 p.m. EST.
Investors also will listen for clues about future Fed policy and the economic outlook under President-elect Donald Trump from Fed Chair Janet Yellen's press conference, which will take place around 2:30 p.m.
In addition to the Fed announcement, the economic calendar in the U.S. on Wednesday includes Retail Sales for November at 8:30 a.m., the Producer Price Index for November at 8:30 a.m., Industrial Production and Capacity Utilization for November at 9:15 a.m., Business Inventories for October at 10 a.m., and Crude Inventories for the week ended Dec. 10, at 10:30 a.m.
2. -- So what will Apple's (AAPL) Tim Cook, Microsoft's (MSFT) Satya Nadella and Amazon's (AMZN) Jeff Bezos -- as well as a number of other top Silicon Valley leaders -- talk to President-elect Donald Trump about when they meet with him in New York on Wednesday?
TheStreet's Jim Cramer said he believes that jobs are likely to be at the center of the conversation.
Many tech executives opposed Trump as president leading up to the election, even though many of the companies would benefit in a number of ways, including lower tax rates and a repatriation of overseas cash.
Facebook's (FB) chief operating officer, Sheryl Sandberg, will be at the meeting instead of CEO Mark Zuckerberg, who expressed misgivings about Trump's pledge to deport millions of immigrants.
Hopefully, Cramer said, Trump "extends an olive branch" to these leaders and vice versa, Cramer said. The goal here is peace, Cramer added.
3. -- IBM (IBM) CEO Ginni Rometty, who also will be at the meeting with Trump on Wednesday, said she hopes to talk to the president-elect about ways to better train American workers so they are qualified enough to fill the growing number of "new collar" jobs that IBM is creating, Rometty wrote in an opinion piece on USAToday.com.
"At IBM alone, we have thousands of open positions at any given moment, and we intend to hire about 25,000 professionals in the next four years in the United States, 6,000 of those in 2017," Rometty wrote.. "We are hiring because the nature of work is evolving -- and that is also why so many of these jobs remain hard to fill."
IBM plans to invest $1 billion in retraining and developing its U.S. workers over the next four years, Rometty said.
4. -- Shares of Actelion (ALIOY) were falling almost 9% in Zurich Wednesday after the Swiss biotech company confirmed that Johnson & Johnson (JNJ) dropped its reported $27 billion takeover bid and after Actelion said it was in talks with another firm that could lead to a separate partnership.
"Actelion is engaged in discussions with another party regarding a possible strategic transaction. There can be no certainty at this point that any transaction will result," the company said in statement on its website. "No further statement will be made until such time Actelion deems appropriate to make an announcement."
Reports have linked Actelion to France's Sanofi (SNY) .
5. -- Federal bank regulators barred Wells Fargo (WFC) from expanding internationally and making certain acquisitions after the bank failed to fix deficiencies in its living will, a plan the largest financial institutions were required to craft after the 2008 crisis to wind themselves down without hurting the broader economy.
The wills, known as resolution plans, were mandated under the Dodd-Frank Act, a bill enacted after an implosion in the $15 trillion U.S. mortgage industry led to the bankruptcy of investment firm Lehman Brothers and forced billions of dollars in bailouts for finance companies.
In April, the government gave a failing grade to plans from Wells Fargo, Bank of America, Bank of New York Mellon, JPMorgan Chase and State Street, saying their plans to dismantle themselves in a way regulators believed wouldn't cause havoc were "not credible."
All the firms except Wells Fargo have since corrected those deficiencies, according to a statement from the Federal Reserve and the Federal Deposit Insurance Corp.