- Reuters/Russell Cheyne
Here is what you need to know.
At least 8 dead in New York City after Tuesday’s truck attack. A driver steered a truck down a bike lane, hitting cyclists and pedestrians in lower Manhattan and leaving at least eight people dead and 11 injured.
It’s a Fed day. While little is expected at Wednesday’s meeting, traders will be parsing the Federal Reserve’s statement for clues the Fed remains on track to hike interest rates in December. Thursday will be the big Fed event this week, as that’s when President Donald Trump is expected to name Jerome Powell as the next Fed chair.
Rate-hike odds are falling. The market sees a zero percent chance the Fed hikes at Wednesday’s meeting and a 66.8% chance it hikes again before the end of the year. The odds of a December rate hike were over 80% just two days ago.
House Republicans are delaying their tax-bill rollout. The bill, which was expected to be revealed Wednesday, is now set to be rolled out Thursday as GOP tax writers still need to iron out various details, including possible changes to 401(k) retirement accounts and the income level at which the top marginal tax rate will kick in.
Bitcoin hits a new high. The cryptocurrency on Wednesday climbed above $6,500 a coin for the first time. It’s now up 3.42% at $6,597.
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Tesla has reportedly solved its Model 3 bottleneck. Shares of the electric-car maker jumped 3.58% on Tuesday after the CEO of Panasonic, the company’s battery-production partner, said the Model 3 production bottleneck had been solved.
Under Armour suddenly has a huge Gen Z problem. During its third-quarter conference call, Under Armour listed its youth business, which has historically been a strength, as one of its weakest categories.
Stock markets around the world are higher. Japan’s Nikkei (+1.86%) led the gains in Asia, and Germany’s DAX (+1.58%) is out front in Europe. The S&P 500 is set to open up 0.43% near 2,586.
Earnings reporting remains heavy. Groupon reports ahead of the opening bell, while Facebook, GoPro, Kraft Heinz, Tesla, and Qualcomm release their quarterly results after markets close.
US economic data flows. ADP Employment Change will be released at 8:15 a.m. ET before Markit US Manufacturing PMI and ISM Manufacturing cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively. US auto sales will be announced throughout the day. The US 10-year yield is up 1 basis point at 2.39%.