Stocks: Focus Switches to Fed, Economy
Investors have been wading through a flood of earnings over the last few weeks, but the focus turns back to the Federal Reserve and economic matters on the last day of the month.
The Federal Reserve wraps up a two-day policy meeting and issues a decision on interest rates at 2 p.m. ET. Investors have been monitoring its moves to reign in economic stimulus measures. The Fed is expected to reduce its asset purchases by another $10 billion.
U.S. stock futures were declining in advance of the opening bell.
Employment and economic growth is also on the agenda: ADP will release its monthly national employment report at 8:15 a.m. Then the Bureau of Economic Analysis will release its initial estimate of first quarter U.S. GDP at 8:30 a.m. ET.
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In corporate news, Time Warner (TWC, Fortune 500) and Hyatt Hotels (H) are among the companies reporting earnings before the opening bell. Weight Watchers (WTW) is reporting after the close.
Shares in Royal Dutch Shell (RDSA) are rising by about 4% in London trading after the oil giant reported better-than-expected quarterly results and hiked its dividend.
Takeover talk continues Wednesday, with shares in the French company Alstom (ALSMY) rallying by 8% in Europe after General Electric (GE, Fortune 500) bid $13.5 billion to take over the firm's power divisions. German firm Siemens (SI) may yet make a counter offer.
Shares of Twitter (TWTR) were falling by about 11% in premarket trading after the company posted uninspiring first quarter results.
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U.S. stocks closed higher Tuesday. The Dow Jones industrial average and S&P 500 ended solidly higher, while the Nasdaq finished up 0.72%.
Over the course of April, the Nasdaq has declined by just over 2%. The S&P and Dow have eked out minor gains.
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