Updated from 6:03 a.m. ET on Wednesday, June 14
 
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Here are five things you must know for Wednesday, June 14:
 
1. -- U.S. stock futures were rising Wednesday, June 14, as Wall Street prepared for the third interest rate hike from the Federal Reserve in the past seven months.
 
Economists predict with near certainty that the Fed will boost interest rates by 0.25%. The Fed also could provide details following its meeting Wednesday on its plans to shrink its $4.5 trillion balance sheet.
 
The decision on rates from the Federal Open Market Committee -- the Federal Reserve's policy-making arm -- is expected at 2 p.m. ET on Wednesday. A press conference with Fed Chair Janet Yellen is scheduled for around 2:30 p.m.
 
Stocks on Tuesday, June 13, put an end to a two-day selloff as a a quick rebound on Wall Street brought markets back into record-breaking territory. 

The S&P 500 gained 0.45% on Tuesday, the Dow Jones Industrial Average rose 0.44%, and the Nasdaq rose 0.74%. The Dow and S&P 500 both closed at records. 

Banks outperformed Tuesday on the prospect of an interest rate hike. Goldman Sachs Group Inc. (GS) led the Dow higher, while Citigroup Inc. (C) , Wells Fargo & Co. (WFC) , Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) had healthy gains. 

Citigroup and Wells Fargo are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells C or WFC? Learn more now.

2. -- In the U.S. on Wednesday, the economic calendar also includes the Consumer Price Index for May at 8:30 a.m., Retail Sales for May at 8:30 a.m., Business Inventories for April at 10 a.m., and Oil Inventories for the week ended June 9, at 10:30 a.m. 

Earnings are expected Wednesday from Jabil Circuit ( JBL) .
 
3. -- Global oil markets extended declines Wednesday as investors trimmed price expectations amid increasing signs that the current supply glut will continue to weigh on sentiment. 

The declines followed data from OPEC on Tuesday which indicated that member states increased production in May, despite reaching an agreement to trim output. In its regular monthly oil market report, OPEC said its crude output pace in May rose by 336,000 barrels a day to just more than 32.1 million. The figures added to market pressure after a report from the American Petroleum Institute that estimated domestic crude stocks rose by a more-than-expected 2.8 million barrels in the week ended June 9.

West Texas Intermediate crude futures for July delivery declined 1.1% to $45.93 a barrel while August contracts for Brent crude, the global benchmark, fell 0.89% to $48.29.

Meanwhile, the International Energy Agency said Wednesday the current supply gut will continue through 2017, largely because U.S. oil producers have ramped up production.

4. -- Boeing Co.  (BA) said Tuesday it would lay off 50 executive positions by the end of 2017 at it restructures its defense, space and security business.

"We need to be an agile organization that is more responsive to customers' needs and committed to continually improving productivity," said Leanne Caret, CEO and president of Boeing's defense, space and security division.

Boeing also said the division would be divided into smaller units -- seven instead of the present five.

Boeing's defense, space and security accounted for almost one-third of the airplane maker's revenue in 2016.

The stock rose 0.5% in premarket trading on Wednesday.

5. -- David Bonderman, a director at Uber Technologies Inc., resigned Tuesday night from the board of the ride-hailing service after he made a remark that was seen as being offensive to women.

The remark from Bonderman came during a staff meeting on Tuesday to discuss Uber's plans to transform itself following a probe into sexual harassment at the company.

Bonderman said in a statement sent to Reuters that he didn't want his comments to create distraction for Uber, which is working to rid its culture of sexual harassment and discrimination.

Bonderman's resignation came the same day that Uber founder and CEO Travis Kalanick said he would take a leave of absence. Kalanick didn't say how long his leave of absence would last, but noted in a letter to employees that he would use the time to focus on personal growth and building a "world-class leadership team." He added that he takes full responsibility for Uber's past and future.

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