Wake Up Wall Street (SPY) (QQQ): All on hold for the Fed

Ivan Brian FXStreet

Here is what you need to know on Wednesday, December 14:

Equity markets rallied on Tuesday as another tame CPI print appeared to enthuse the bulls. The move quickly faded, however, with the Fed decision looming large. We have to wait until later to get it, so we expect a fairly lame opening on Wall Street and limited moves before Powell takes to the pulpit. Already European indices are flat, and Wall Street futures are similarly showing no sign of actually moving.

The US Dollar did lose some ground on the CPI and is lower again to 103.80 for the Dollar Index. Gold finally held $1,800 and is up to $1,807 now. Oil is recovering to $76, and Bitcoin is at $17,870.

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European markets as mentioned are flat.

US futures are also totally flat, which may as well delay the official opening until after the Fed.

Wall Street top news

Rumors of BOJ conducting a review of its operations sent the Yen higher.

FOMC decision at 1900 GMT/1400 EST.

Reuters headlines

Carlyle Group Inc: U.S. buyout group Carlyle is struggling to raise the $22 billion it had targeted as its largest fund, the Financial Times reported.

Credit Suisse Group AG (CS): Swiss Finance Minister Ueli Maurer is confident that Credit Suisse's turnaround efforts will succeed.

Delta Air Lines Inc (DAL): The company said its profit is expected to nearly double next year, driven by "robust" travel demand and a decline in non-fuel operating costs.

HSBC Holdings Plc: HSBC will stop funding new oil and gas fields and expect more information from eneraboutlients over their plans to cut carbon emissions,

Pfizer Inc (PFE): The U.S. government agreed to pay Pfizer nearly $2 billion for an additional 3.7 million courses of its COVID-19 antiviral treatment Paxlovid, the company said on Tuesday.

Aspen Group (ASPU) up on strong earnings.

ABM Industries (ABM) reports strong earnings.

Upgrades and downgrades

Source: WSJ.com

Economic releases

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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