U.S. equity futures traded higher on Wednesday, the day after stocks declined on concerns the Fed may not slow the pace of interest rate increases.
The major futures indexes suggest a gain of 0.3% when trading begins on Wall Street.
Oil prices rose more than 1% on Wednesday after industry data showed a surprise drop in U.S. crude inventories, suggesting demand is holding up.
U.S. West Texas Intermediate (WTI) crude futures traded around $88.00 a barrel.
Brent crude futures traded at $94.00 a barrel.
The Federal Reserve is widely expected to raise the Federal Funds rate by three-quarters of a percentage point to a range of 3.75%-4%, up from the current range of 3%-3.25%.
It would be the central bank’s fourth consecutive 75-basis point rate hike, following moves in September, July, and June.
Traders will also get the first of this week major labor-related reports.
The payroll processing firm ADP will release its National Employment report for October. Economists anticipate an increase of 195,000 private-sector jobs.
Shares of Match Group were 16% higher in premarket trading after the parent company of dating apps Tinder and Hinge beat estimates for third-quarter revenue as more paying users, undeterred by decades-high inflation, signed up on its dating apps.
Shares of Airbnb were 5% lower in premarket trading after the company forecast fourth-quarter revenue below market estimate, saying a strong U.S. dollar had started to pressure its business and that bookings would moderate after a bumper third quarter.
Shares of Cheesecake Factory were lower by 7% in premarket trading after the dining chain missed Wall Street revenue and profit estimates.
In Asia, Japan’s benchmark Nikkei 225 declined 0.1%, Hong Kong’s Hang Seng jumped 2.4% and China’s Shanghai Composite index added 1.2%.
On Tuesday, the S&P 500 fell 0.4% to 3,856.10 after having been up as much as 1% shortly after trading opened. The Dow Jones Industrial Average fell 0.2% to 32,653.20 and the Nasdaq composite dropped 0.9%, to 10,890.85.
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