Stock futures were mixed early Wednesday as traders awaited the latest monetary policy decision from the Federal Reserve later this afternoon.
Near 7:55 a.m. ET, Dow futures were off 0.3%, S&P 500 futures were down 0.2%, while Nasdaq futures were higher by less than 0.1%.
On Tuesday, stocks capped off a strong start to the year with the S&P 500 logging its best January since 2019 while the Nasdaq 100 enjoyed its strongest January rally since 2001, rising over 10%.
Wednesday’s lackluster trading comes ahead of this afternoon’s highly-anticipated policy announcement from the Federal Reserve, the central bank’s first of the year.
Wall Street expects the Fed will announce a 0.25% increase in its benchmark interest rate, marking the second-straight meeting the Fed slows down its pace of interest rate increases.
The Fed’s policy statement is due out at 2:00 p.m. ET, with Fed Chair Jerome Powell set to hold a press conference beginning at 2:30 p.m. ET.
Earnings season also remains in full force, with another disappointing quarter from Snap (SNAP) out last night garnering the most investor attention.
Shares of the social media company were off as much as 15% in pre-market trade after the company told investors its internal forecasts assume revenue in its current quarter will fall between 10% and 2% from a year ago.
Match Group (MTCH) and EA (EA) shares were also lower early Wednesday after reporting disappointing quarters on Tuesday afternoon.
Peloton (PTON) shares were up more than 4% early Wednesday after the company reported its cash burn decreased to $94 million in its latest quarter, down from $747 million nine months ago. On an adjusted basis, the company reported $8 million in free cash flow during the holiday quarter.
“If you’ve been wondering whether or not Peloton can make an epic comeback, this quarter’s results show the changes we’re making are working,” CEO Barry McCarthy wrote in a letter to shareholders.
Wednesday’s earnings highlight will come after the market close when Meta Platforms (META) releases its quarterly report.
On the economic data side, Wednesday is set to feature private payrolls data from ADP, a key labor market reading that comes just two days out from the government’s January jobs report.
Investors will also keep a close eye on manufacturing activity readings out from S&P Global and the Institute for Supply Management later this morning.
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