1. Earnings blowout: CNN owner Time Warner is reporting earnings Wednesday morning ahead of the opening bell. Investors will be looking for clues about AT&T’s planned purchase of the media giant, a deal that President Trump has said he opposes.
Alaska Air, Allergan, GrubHub and Humana are also reporting earnings in the morning.
Tech firm Softbank released earnings after Japanese markets closed for the day, reporting a big increase in profits. The company revealed little new information about its plan to invest billions in the United States.
Whole Foods is set to hit the earnings stage after the close. The company’s shares have lost more than half their value over the past two years.
2. Stocks near all-time highs: The Dow Jones industrial average and Nasdaq hit their highest ever levels during trading on Tuesday. Stock markets have been rallying since Trump’s election.
It’s entirely possibly Wall Street will see new highs again on Wednesday.
U.S. stock futures are holding steady. European markets and Asian markets are mixed.
3. Prepping for the world’s biggest IPO: Shares in the boutique investment firm Moelis & Co look set to jump at the open based on reports that it’s been chosen to advise Saudi Aramco on its planned initial public offering.
The oil giant’s IPO is expected to be the biggest in history.
4. India’s central bank holds steady: The Reserve Bank of India opted to keep its key interest rate unchanged at 6.25% on Wednesday, causing stocks to stumble in Mumbai. Some investors had been looking for a rate cut.
The central bank also downgraded its economic outlook: It’s now expecting growth of 6.9% for this year, down from its earlier estimate of 7.1%.
India’s economy has been hurt by a cash shortage following the government’s decision to suddenly ban 500 and 1,000 rupee notes.
5. Coming this week:
Wednesday – Whole Foods, Time Warner earnings
Thursday – Twitter, Coca-Cola, Expedia, Yum! Brands, Dunkin’ Brands earnings
Friday – Renault earnings