Here is what you need to know.
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10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, DB)
This is what traders are talking about.
Men carrying their wives during the Wife Carrying competition to mark the City Day in Krasnoyarsk, Siberia, in Russia.
The Fed lays out its plan to unwind its massive $4.5 trillion balance sheet. Once the program begins, the Federal Reserve will reinvest the principal of maturities only if it gets back more than $6 billion in principal returned in a given month. The "cap" will then be increased by $6 billion every three months until it reaches $30 billion a month.
The market doesn't think the Fed will hike rates again this year. Bloomberg's World Interest Rate Probability data suggests a 16.7% chance the Fed raises rates in September or sooner and a 40.2% chance a rate hike happens by the end of the year.
The Bank of England meets. The central bank is expected to hold its key interest rate at a record-low 0.25% and its asset-purchase program at 435 billion pounds, despite inflation hitting its highest level since mid-2013.
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Australia's job report crushes expectations. The Australian economy added 42,000 jobs in May, easily beating the addition of 10,000 jobs that economists were anticipating.
Foreign investors are piling into Asia's emerging markets. Net inflows into stocks and bonds in the region totaled $14.2 billion in May, the Australian bank ANZ says, continuing the trend that has been in place since the beginning of the year.
A cryptocurrency for weed crashes after sponsoring Dennis Rodman's trip to North Korea. PotCoin, a cryptocurrency developed to remove the need for cash transactions between marijuana consumers and dispensaries, tumbled by more than 20% to just more than $0.13 on Wednesday, a day after it sponsored Dennis Rodman's trip to North Korea. It doubled in price on Tuesday.
Deutsche Bank is reportedly restructuring its investment-banking arm. Garth Ritchie, the cohead of investment banking, will focus on client relationship while Marcus Schenk, the other investment banking cohead, will oversee products such as derivatives, stocks, and transaction banking, Bloomberg says.
Stock markets around the world are lower. Hong Kong's Hang Seng (-1.2%) trailed in Asia, and France's CAC (-1.2%) lags in Europe. The S&P 500 is set to open down by 0.8% near 2,418.
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Earnings reports trickle out. Kroger reports ahead of the opening bell.
US economic data is heavy. Empire Manufacturing, initial claims, and the Philly Fed will all be released at 8:30 a.m. ET before industry production and capacity utilization are due out at 9:15 a.m. ET and the NAHB Housing Market Index crosses the wires at 10 a.m. ET. The US 10-year yield is higher by 1 basis point at 2.14%.
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