Live News: Oil tops $90 for first time since 2014 on rising tensions in Ukraine
Fed decision: The Federal Reserve is expected to confirm its intention to raise interest rates in March today, as the US central bank looks beyond the recent turmoil in financial markets and steps up its efforts to rein in inflation. The Fed’s policy statement will be released at 2 p.m. Eastern Time, followed by a press conference with Chairman Jay Powell.
Earnings: More than 30 S&P 500 companies are due to report results, including Boeing, Freeport-McMoRan, Intel, AT&T, Kimberly-Clark, Tesla, Whirlpool and Las Vegas Sands. Investors will pay close attention to management’s comments on pricing pressures, supply chain issues and the impact of the Omicron variant.
Boeing: The US aerospace maker is expected to post another quarterly loss, reflecting a hit from the pandemic and supply chain issues. Boeing’s fourth-quarter adjusted loss is expected to be 36 cents per share, on revenue of $16.5 billion.
You’re here : Electric carmaker Tesla is expected to post higher quarterly revenue after the company shrugged off supply chain issues and delivered 308,000 vehicles in the fourth quarter.
Bank of Canada: The Canadian central bank also makes its decision on interest rates. While the consensus, according to a Reuters poll, is for the bank to leave its overnight rate unchanged, a handful of economists predict policymakers will raise rates by 25 basis points to 0.50%.
Economic data : U.S. trade deficit in goods expected to narrow to $96 billion in December from $97.8 billion in November, Commerce Department says, as supply chain issues weigh on global trade . Meanwhile, new home sales are expected to have risen 2.2% to an annualized pace of 760,000 in December.
Markets: Futures tracking the US S&P 500 index rose 1.2%, while those tracking the technology-focused Nasdaq 100 rose 1.8%. The moves followed another choppy day on Wall Street, with the Nasdaq ending down 2.3% on Tuesday and the S&P 500 down 1.2%.