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Home Stock Market News Latest Stock Market News: The Fed in focus, Midterms heat up and Powerball jackpot second highest on record. | November 02, 2022 | Live Updates from – Fox Business

Latest Stock Market News: The Fed in focus, Midterms heat up and Powerball jackpot second highest on record. | November 02, 2022 | Live Updates from – Fox Business

Stock Region University November 05, 2022 Stock Market News,

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.