| Power Options Weekly 314% gains trading Snap Inc. (SNAP),
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150% gains trading 3D Systems (DDD) JOIN NOW  | | | | The major U.S. index futures are pointing to a modestly higher opening on Wednesday, with stocks likely to see initial strength after ending the previous session mixed.
Traders are looking ahead to the Federal Reserve?s monetary policy announcement scheduled for later this afternoon.
With the Fed widely expected to raise interest rates by 25 basis points, traders are likely to pay close attention to the accompanying statement.
The statement as well as Fed Chair Jerome Powell?s subsequent press conference may shed light on whether the central bank intends to raise rates again this year.
The Fed is scheduled to hold meetings in November and December, with CME Group?s FedWatch tool currently indicating a 78.6 percent chance for another 25 basis point rate hike in December.
Stocks showed a lack of direction over the course of the trading day on Tuesday, as traders looked ahead to the Federal Reserve's monetary policy decision. The major averages spent the day bouncing back and forth across the unchanged line before closing mixed.
While the Nasdaq edged up 14.22 points or 0.2 percent to 8,007.47, the Dow fell 69.84 points or 0.3 percent to 26,492.21 and the S&P 500 slipped 3.81 points or 0.1 percent to 2,915.56.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the Fed announcement on Wednesday.
Traders largely shrugged off a report from the Conference Board showing an unexpected improvement in consumer confidence in the month of September.
The Conference Board said its consumer confidence index climbed to 138.4 in September from an upwardly revised 134.7 in August.
Economists had expected the consumer confidence index to drop to 131.7 from the 133.4 originally reported for the previous month.
With the unexpected increase, the consumer confidence index reached a new 18-year high and is not far from the all-time high of 144.7 reached in 2000.
"These historically high confidence levels should continue to support healthy consumer spending, and should be welcome news for retailers as they begin gearing up for the holiday season," said Lynn Franco, Director of Economic Indicators at the Conference Board.
Most of the major sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets.
Steel stocks showed a substantial move to the upside, however, with the NYSE Arca Steel Index jumping by 2.4 percent.
Energy stocks also saw notable strength on the day amid a modest increase by the price of crude oil, while semiconductor, utilities, and tobacco stocks moved to the downside.
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At 10 am ET, the Commerce Department is scheduled to release its report on new home sales in the month of August. New home sales are expected to rise by 0.5 percent in August after tumbling by 1.7 percent in July.
The Energy Information Administration is due to release its report on oil inventories in the week ended September 21st at 10:30 am ET.
Crude oil inventories are expected to drop by 1.3 million barrels after falling by 2.1 million barrels in the previous week.
At 2 pm ET, the Federal Reserve is scheduled to announce its latest monetary policy decision, followed by Fed Chairman Jerome Powell?s press conference at 2:30 pm ET.
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Shares of KB Home (KBH) are moving sharply higher in pre-market trading after the homebuilder reported fiscal third quarter earnings that exceeded analyst estimates.
High definition camera maker GoPro (GPRO) is also likely to see early strength after Oppenheimer upgraded its rating on the company?s stock to Outperform from Perform.
On the other hand, shares of Nike (NKE) are seeing pre-market weakness after the athletic footwear and apparel maker reported better than expected fiscal first quarter earnings but disappointing profit margins.
Uniform supplier Cintas (CTAS) may also move to the despite reporting fiscal first quarter results that beat estimates and raising its full-year guidance. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks are turning in a mixed performance on Wednesday as investors eagerly await the latest monetary policy update by the Federal Reserve.
With a 25 basis point rate hike fully priced in, investors are looking ahead for clues over the next decision in December.
While the French CAC 40 Index is up by 0.3 percent, the U.K.?s FTSE 100 Index is just below the unchanged line and the German DAX Index is down by 0.2 percent.
In economic news, survey results from statistical office Insee showed that French consumer confidence weakened to the lowest level in more than two years in September.
The consumer sentiment index fell to 94 from a revised 96 in August. This was the lowest since April of 2016.
Spanish banking giant Banco Santander has risen after appointing UBS Group's Andrea Orcel as its new Chief Executive Officer.
Industrial group Bouygues has rallied after a stock rating upgrade by J.P. Morgan.
Meanwhile, French power utility EDF has fallen after it shut down a GE turbine at its Bouchain power plant for a month due to a turbine blade issue.
German automaker Daimler has also dropped. The company said that CEO Dieter Zetsche would be succeeded next year by Mercedes-Benz development and research head Ola Kalleniu.
Banking giant Deutsche Bank has moved lower after reports that it looked at a theoretical scenario of merging with Swiss bank UBS at its annual strategy meeting in mid-September.
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Asian stocks closed mostly higher on Wednesday as investors awaited the U.S. Federal Reserve's monetary policy decision as well as the accompanying policy statement for clues about the outlook for interest rates.
Markets have already priced in a 25 basis point rate hike and traders will be looking at the forward guidance for the December meeting.
Chinese shares gained ground on expectations that global index provider MSCI may quadruple weighting of China A-shares in its global benchmarks.
The benchmark Shanghai Composite Index climbed 25.67 points or 0.9 percent to 2,806.81, while Hong Kong's Hang Seng Index jumped 317.48 points or 1.2 percent to 27,816.87.
Japanese shares extended gains for an eighth consecutive session despite many companies going ex-dividend and chip-related stocks succumbing to profit taking.
The Nikkei 225 Index rose 93.53 points or 0.4 percent to 24,033.79, closing above 24,000 for the first time in eight months, as the dollar largely stuck to tight ranges ahead of the Fed decision.
The broader Topix Index finished marginally lower at 1,821.67 as markets awaited the outcome of a scheduled summit between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump to expand a trade framework.
Toyota Motor Corp., Nissan Motor, Sumitomo Mitsui Financial and Nomura Holdings dropped 1-4 percent due to ex-dividend price adjustments.
Semiconductor company Tokyo Electron lost 1.8 percent. Takeda Pharmaceutical advanced 1.6 percent after Daiwa Securities raised its rating on the stock.
Australian markets finished slightly higher as gains by material and energy stocks outpaced weakness in the banking sector. The benchmark S&P/ASX 200 Index inched up 6.40 points or 0.1 percent to 6,192.30, while the broader All Ordinaries Index crept up 0.1 percent to 6,307.80.
Mining heavyweights BHP Billiton and Rio Tinto rose over 1 percent as investors shrugged off fears of a China-U.S. trade war. Gold miners Newcrest and Evolution also gained over 1 percent as gold prices held steady ahead of the Fed decision.
Energy stocks benefited from recent strength in oil prices, with Woodside Petroleum rallying 1.5 percent and Oil Search jumping 2.3 percent. Santos dropped 1.1 percent after the company said it aims to lift production to more than 100 million barrels by 2025.
The big four banks fell between 0.3 percent and 0.9 percent as investors awaited an interim report on the powerful Royal Commission inquiry into the country's banking and financial services sector.
Farm chemical maker Nufarm entered a trading half ahead of a capital raising. Atlas Iron jumped 4.8 percent as Gina Rinehart's Hancock Prospecting raised its offer price for the junior miner.
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Crude oil futures are sliding $0.46 to $71.82 a barrel after rising $0.20 to $72.28 a barrel on Tuesday. Meanwhile, after inching up $0.70 to $1,205.10 an ounce in the previous session, gold futures are falling $6.40 to $1,198.70 an ounce.
On the currency front, the U.S. dollar is trading at 113.01 yen compared to the 112.97 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1737 compared to yesterday?s $1.1767.
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