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Here are five things you must know for Wednesday, July 5:
1. -- U.S. stock futures were narrowly mixed on Wednesday, July 5, as tensions in Asia unsettled investors.
North Korea on Wednesday said that its intercontinental ballistic missile was able to carry a large nuclear warhead. The regime fired a missile into Japan's Exclusive Economic Zone early Tuesday. The U.S. Defense Department believes the missile could reach as far as Alaska and possibly other parts of the U.S. mainland.
In response, U.S. Secretary of State Rex Tillerson called the missile firing a "new escalation of threat" and the U.S. has called for an emergency meeting of the U.N. Council. The missile firing comes days before of a meeting of G20 leaders where a discussion of the proliferation of weapons in Pyongyang will be on the agenda.
The North Korea threat could prevent the Dow Jones Industrial Average from topping new records on Wednesday. The blue-chip index reached an intraday record in the shortened trading session on Monday, July 3. Markets were closed on Tuesday in honor of the July 4 holiday.
When traders get back to their desks on Wednesday, the focus likely will shift to U.S. jobs data, with the U.S. nonfarm payrolls report for June scheduled for release on Friday, July 7. The U.S. economy is forecast to have added 176,500 jobs in June, according to economists surveyed by FactSet, up from about 138,000 jobs added in May.
2. -- The economic calendar in the U.S. on Wednesday is fairly quiet.
Minutes from the Federal Reserve's meeting in June will be made public Wednesday afternoon at 2 p.m. ET. The Federal Open Market Committee, the monetary policy arm of the U.S. central bank, opted to raise interest rates at its June 13-14 meeting. The Fed hiked by 25 basis points, putting its target rate at 1% to 1.25%. The increase was the Fed's second of the year and was taken as a vote of confidence in the U.S. economic recovery and future pace of growth.
Most Fed officials also telegraphed one more rate hike this year and an average of three in 2018. Fed Chair Janet Yellen gave projections of median short-term rates as 1.4% at the end of this year; 2.1% at the end of 2018; and 2.9% at the end of 2019.
Factory orders for May will be released at 10 a.m. ET.
The second-quarter earnings season won't kick off in earnest until the big banks report their quarterly performances next week. JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) are set to report on Friday, July 14.