Stock futures rebound; Fed decision; Earnings galore

1. Stocks stabilize: U.S. stock futures were higher on Wednesday after two very rough trading sessions on Wall Street...

Posted: Jan 31, 2018 9:47 AM
Updated: Jan 31, 2018 9:47 AM

1. Stocks stabilize: U.S. stock futures were higher on Wednesday after two very rough trading sessions on Wall Street.

The Dow Jones industrial average dropped by 1.4% on Tuesday, its worst performance since May. The S&P 500 fell 1.1% and the Nasdaq shed 0.9%.

The losses were driven by a sell off in health care stocks and concerns about the bond market.

European markets were mostly positive on Wednesday. Many Asian markets ended the day with losses.

2. Fed watch: The U.S. Federal Reserve will announce its latest interest rate decision at 2 p.m. ET. Rates are expected to remain unchanged.

"The focus ahead of the meeting has been on the extent to which the Fed will acknowledge the recent rise in inflation pressure and inflation expectations," said Felix Ewert of Swedish bank SEB.

Fed chair Janet Yellen is overseeing her final Federal Open Market Committee meeting. She will relinquish her post to Jerome Powell on February 3.

Powell is expected to continue slowly lifting interest rates.

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3. Earnings galore: Anthem, Boeing, Eli Lilly, Energizer, Sirius XM Radio and Tupperware will publish earnings before the open.

AT&T, eBay, Facebook, Microsoft, Mondelez International, PayPal, Qualcomm and Symantec will follow after the close.

4. Blackstone's big deal: Private equity firm Blackstone has agreed to buy a majority stake in Thomson Reuters' financial and risk unit for $17 billion, putting it in direct competition with Bloomberg.

Bloomberg and Thomson Reuters provide financial data and other services to bankers, investors and regulators.

Thomson Reuters will retain a 45% stake in the data unit. The group also owns a major international news operation and a unit that specializes in legal and tax and accounting services.

5. Market movers -- Electronic Arts, Xerox, Capita: Shares in Electronic Arts jumped 7% in extended trading after the company reported quarterly results on Tuesday.

Shares in Xerox were also up 7% premarket after the company reported a new deal with Fujifilm, as well as layoffs and quarterly results.

Shares in the London-traded firm Capita dropped 40% after the government contractor announced it was suspending its dividend payouts, raising fresh investment and selling off some units.

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6. Coming this week:

Wednesday -- Earnings from Anthem, AT&T, Microsoft, eBay, PayPal, Mondelez and Facebook
Thursday -- Earnings from Apple, Alphabet, Amazon, Time Warner, Hershey, UPS, MasterCard, Visa, Mattel, DowDuPont and ConocoPhillips
Friday -- U.S. monthly jobs report

California Coronavirus Cases

Data is updated nightly.

Cases: 3147735

Reported Deaths: 36846
CountyCasesDeaths
Los Angeles106550515184
San Bernardino2628581594
Riverside2585322777
San Diego2255582344
Orange2214932625
Santa Clara964351181
Kern89095590
Fresno847441043
Sacramento828611157
Alameda69693886
Ventura64404507
San Joaquin59395808
Contra Costa54416487
Stanislaus43938788
Tulare42759531
Monterey37285259
San Mateo33731340
San Francisco30027278
Santa Barbara26514264
Solano26494111
Imperial25562493
Merced25048324
Sonoma24761247
Kings19760160
Placer17675188
San Luis Obispo16437151
Madera13781151
Santa Cruz12687130
Marin11930163
Yolo11014138
Shasta9920129
Butte9711134
El Dorado800259
Sutter792783
Napa782847
Lassen526916
San Benito514348
Yuba504929
Tehama446846
Tuolumne344340
Nevada329674
Mendocino325635
Amador304232
Lake268132
Humboldt249425
Glenn198522
Colusa18549
Calaveras167223
Siskiyou148413
Mono11354
Inyo100729
Del Norte8732
Plumas6055
Modoc3873
Mariposa3464
Trinity3054
Sierra880
Alpine730
Unassigned00
Chico
Cloudy
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Hi: 50° Lo: 33°
Feels Like: 41°
Oroville
Cloudy
49° wxIcon
Hi: 49° Lo: 41°
Feels Like: 44°
Chico
Cloudy
48° wxIcon
Hi: 44° Lo: 37°
Feels Like: 41°
Red Bluff
Cloudy
46° wxIcon
Hi: 32° Lo: 14°
Feels Like: 41°
Red Bluff
Cloudy
46° wxIcon
Hi: 46° Lo: 32°
Feels Like: 41°
Chico
Cloudy
48° wxIcon
Hi: 48° Lo: 33°
Feels Like: 41°
Some snow and rain possible Sunday into Monday. A major winter storm will bring up to 7 feet of snow to the mountains and multiple inches of rain to the valley Tuesday through Friday and keep temperatures cold.
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