World_news 5 things to know before the stock market opens Wednesday – CNBC

World_news

1. Nasdaq to continue to dig out of last week’s hole

People wear protective face masks outside Nasdaq in Times Square as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 16, 2020 in New York City.

Noam Galai | Getty Images Entertainment | Getty Images

U.S. stock futures rose Wednesday,with theNasdaqtracking for a third session of gains as tech stocks continued to dig out of last week’s hole. However, the Nasdaq, as of Tuesday’s close, remained more than 7% below its Sept. 2 record high. TheDow Jones Industrial AverageandS&P 500,which on Tuesday each locked in three-session winning streaks,were still 5% off their record highson Feb. 12 and Sept. 2, respectively.

The government said Wednesday morning thatAugust retail sales rose 0.6%. Economists had expected an increase of 1%. July’s gain was revised lower to a 0.9% advance.

At the conclusion of its two-day September meeting Wednesday afternoon, the Federal Reservereleasesits latest policy statement and its quarterly update on where central bankers see economic growth, unemployment and inflation going. Fed ChairmanJerome Powellthen holds a news conference.

2. stocks to watch: Snowflake, FedEx, Eli Lilly

Snowflake,a provider of cloud-based data storage and analysis software,is set to begin tradingWednesday on the New York Stock Exchange after pricing its initial public offering above its increased range. Snowflake is selling 28 million shares at $120 each. Last week, Snowflake revealed in a filing thatBerkshire HathawayandSalesforcebought into the IPO.

Another stock that’s expected to be a mover on Wall Street on Wednesday isFedEx.Shares soared about 9% in the premarket after the delivery giant reportedbetter-than-expected quarterly earnings and revenue.Price hikes, lower fuel costs and efficiency gains countered negative impacts from the pandemic-driven surge in less-profitable residential deliveries.

Shares ofEli Lillywere higher in Wednesday’s premarket after the American drug makerannounced proof-of-concept datafor a neutralizing antibody, showing a reduced rate of hospitalizations for Covid-19 patients. “Lilly intends to quickly publish the results of this interim analysis in a peer-reviewed journal and discuss appropriate next steps with global regulators,”the company said in a press release.

3. Congressional report slams Boeing for 737 Max failures

Employees work on Boeing 737 MAX airplanes at the Boeing Renton Factory in Renton, Washington on March 27, 2019.

Jason Redmond | AFP | Getty Images

Numerous design, management and regulatory failures during the development of the 737 Max preceded the “preventable death” of 346 people in two crashes of the popularBoeingjetliner,according to a damning congressional reportreleased Wednesday. The report, in the works for about 18 months, comes as regulators are in the final stretch of work to recertify the planes. The 737 Max has been grounded worldwide since March 2019, following the second of two fatal crashes. Shares of Boeing, off over 55% in the past 12 months, were little changed in Wednesday’s premarket.

4. Trump says he has no regrets about Covid-19 response

ABC News will hosts a town hall with President Donald Trump and uncommitted voters. ABC News chief anchor George Stephanopoulos will anchor the event, which will take place at the National Constitution Center in Philadelphia, Pennsylvania.

Heidi Gutman | Walt Disney Television | Getty Images

PresidentDonald Trumpdenied he had downplayed the threat of the coronavirus,claiming he “up-played” the dangersthrough his actions. Trump, speaking Tuesday at an ABC News town hall event with voters in Philadelphia, also said he didn’t regret anything about his response to the pandemic. The president’s assertions came less than a week after the release of audio from a March interview for veteran journalist Bob Woodward’s new book, in which Trump said, “I wanted to always play it down. … I still like playing it down, because I don’t want to create a panic.”

5. Hurricane Sally makes landfall on Gulf Coast

Waves crash along a pier as Hurricane Sally approaches in Gulf Shores, Alabama, U.S., September 15, 2020.

Jonathan Bachman | Reuters

Sally made landfall early Wednesday near Gulf Shores, Alabama, as a Category 2 hurricane, with torrential rain and damaging storm surge. Forecasters expect Sally to bring “catastrophic and life threatening” rainfall over portions of the Gulf Coast, Florida panhandle and southeastern Alabama throughout the day and into the evening. More than a quarter of U.S. offshore oil production was shuttered in preparation for the storm.Sally is the 18th named storm in the Atlantic this year,and the eighth tropical storm or hurricane to hit the United States in 2020.

— The Associated Press and Reuters contributed to this report. Follow all the developments on Wall Street in real-timewith CNBC’s live markets blog. Get the latest on the pandemic with ourcoronavirus blog.

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