U.S. stock futures climb ahead of Fed outcome, more earnings

U.S. stock futures climbed on Wednesday, with the outcome of a Federal Reserve meeting in the spotlight, along with a fresh batch of earnings from Boeing, Tesla and other big names.How are stock-index futures trading? On Tuesday, the Dow industrials DJIA, -0.19% fell 66.77 points, or 0.2%, to close at 34,297.73. The index saw a more than 800-point drop at its session low early Tuesday, followed by a rise in the afternoon. The S&P 500 SPX, -1.22% declined 53.68 points, or 1.

“Yesterday, major U.S. indices went from tears to laughter then back to tears, again,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients. “As such, seeking a dip has become a difficult exercise, and the strong corporate results have a little impact on the market’s bad faith these days.”

Markets largely expect the first Fed interest-rate hike won’t arrive until March, but Wednesday’s outcome and comments will still garner close attention. A decision will be announced at 2 p.m. Eastern Time, followed by a news conference with Chair Jerome Powell at 2:30 p.m. Eastern. Data released Tuesday showed slippage in consumer confidence, on the back of high prices and the highly contagious omicron variant of the coronavirus that causes COVID-19. Apart from the Fed outcome, an advance report on trade in goods is due at 8:30 a.m. Eastern, followed by new home sales starts at 10 a.m. Eastern, both for December.

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