What To Watch In The Stock Market Today
If there’s one thing to know right now it’s that earnings season is in full swing. Big names like Apple, Tesla, Facebook, McDonald’s and Boeing are due out with results. There are thousands more coming as well. But with the coronavirus continuing to raise eyebrows, some of the excitement has been numbed. The death toll has now increased to over 130. But Wednesday could bring a different kind of focus.
This time it is away from the growing pandemic and toward the Federal Reserve. Chairman Jerome Powell is set to speak later. We’ll see whether or not he expects any dramatic impacts on the U.S. due to this outbreak. The Fed’s policy meeting is also set to wind up today. But it isn’t expected to result in much change to current rates.
Results from the monetary policy meeting will be delivered at 2PM followed by a press conference at 2:30 PM. The focus will be more on what Powell says in regard to the Fed’s balance sheet policy and if he anticipates withdrawing repo funding that was supposed to simply ease the market over the year-end period.
Furthermore, aside from the Fed, eyes will be on the impeachment trial of President Donald Trump. The Wall Street Journal recently reported that Senate Majority Leader Mitch McConnel told his peers that he did not have enough votes to ensure a blockage of Democratic demands. This is relating to the party’s witness lists and includes former National Security Advisor John Bolton.
Looking at earnings, we’ll see myriad companies report. First, Apple came out with record results on Tuesday. It’s expected that the stock will come out of the gate swinging for new highs on Wednesday. Other tech stocks could see a boost as a result.
Furthermore, companies like Facebook, GE, Mastercard, AT&T, Paypal, ADP, Dow, Stanley Black & Decker and many more are set to add to peak earnings season. Right now the markets are indicating a higher open on Wednesday. Will this continue into the rest of the day today?