Top 5 Things To Know In The Market On Wednesday

1. Fed-Day

The Federal Reserve is almost certain to raise interest rates by a quarter point for a second time this year at the conclusion of its two-day policy meeting at 2:00PM ET this afternoon. That would put the fed funds target range in a range between 1.75%-2%, inching closer to a neutral policy stance.

2. U.S. Stocks Set For Modest Gains At The Open

U.S. stock futures pointed to modest gains at the open, as investors awaited further guidance from the Federal Reserve on the likely trajectory of interest rate hikes this year.

At 5:40AM ET, the blue-chip Dow futures were up 20 points, or around 0.1%, while the S&P 500 futures tacked on 3 points, or roughly 0.1%. The tech-heavy Nasdaq 100 futures indicated a gain of 13 points, or about 0.2%, which would put the benchmark on track to test its record high reached earlier this week.

3. Dollar Climbs Before Fed Decision

The dollar reached a three-week high against the yen and stood tall against the euroahead of a Federal Reserve policy meeting that could give clues on how many more U.S. rate hikes there will be this year.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.1% at 93.92, the best level since June 5.

Meanwhile, the 10-year U.S. Treasury yield stood at 2.955%.

4. Oil Markets Await Fresh Weekly U.S. Inventory Data

The U.S. Energy Information Administration (EIA) will release its official weekly oil supplies report for the week ended June 8 at 10:30AM ET, amid forecasts for an oil-stock drop of 1.4 million barrels.

5. Bitcoin’s Collapse Accelerates As Selloff Continues

Bitcoin tumbled to its lowest level since February, as the meltdown in the world’s largest digital currency accelerated amid mounting regulatory and security concerns after the weekend hacking of a South Korean cryptocurrency exchange.

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