U.S. stock index futures were marginally higher on Wednesday morning, as investors wait to hear from Federal Reserve Chairman Jerome Powell.
At around 01:30 a.m. ET, Dow futures rose 10 points, indicating a positive open of more than 33 points. Futures on the S&P and Nasdaq were both slightly higher too.
There’s a special focus on the outcome of the Federal Reserve meeting Wednesday. Not only are traders are keen to understand the chances of rate cuts this year, but they are also interested to know if President Donald Trump has any influence on the central bank.
The U.S. President, when asked Tuesday whether he wants to remove Jay Powell from his position, said “Let’s see what he does.” This comes after a Bloomberg News report argued that the White House looked into demoting the chairman of the Fed back in February. Larry Kudlow, director of the National Economic Council, told reporters Tuesday that Trump is not planning to demote Powell, however.
Earlier in the day, President Trump had accused ECB President Mario Draghi of currency manipulation, after the latter’s speech at a conference in which he suggested that the European Central Bank could provide more stimulus if inflation does not pick up in the euro zone. Draghi responded later saying the central bank’s remit is clear. “Our mandate is price stability defined as a rate of inflation which is close to but below 2% over the medium term,” Draghi said.
Meanwhile, President Trump also said he will be having an “extended meeting” next week with the Chinese leader at the G-20 meeting in Japan.
There are no data items to note Wednesday.
In terms of corporate earnings, Oracle and Winnebago will be updating investors.