Business

5 things to know before the stock market opens on Wednesday

1. Stock futures rise slightly as traders brace for earnings deluge

2. Big Tech CEOs to testify before Congress

(COMBO) This combination of pictures created on July 07, 2020 shows (L-R) Facebook CEO Mark Zuckerberg in Paris on May 23, 2018, Google CEO Sundar Pichai Berlin on January 22, 2019, Apple CEO Tim Cook on October 28, 2019 in New York and Amazon Founder and CEO Jeff Bezos in Las Vegas, Nevada on June 6, 2019.

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3. Fed decision looms

The Federal Reserve is scheduled to deliver its latest decision on U.S. monetary policy later Wednesday as traders look for clues on the state of the economy amid the coronavirus pandemic. Expectations for any changes to the Fed’s overnight rate are at zero, according to the CME Group’s FedWatch tool. Fed Chairman Jerome Powell is expected to answer questions from the media after the decision is announced. 

Federal Reserve Chair Jerome H. Powell during a speech on March 3, 2020 in Washington, DC.

Mark Makela/Getty Images

4. iPhone sales in China surge 225% in second quarter, research shows

Customers look at Apple’s new iPhone 11 series smartphones at an Apple retail store at the IFC Mall in Pudong New Area, Shanghai.

Alex Tai | SOPA Images | LightRocket | Getty Images

5. L Brands to cut 15% of corporate workforce

Victoria’s Secret store at the main waiting area in Terminal 1 of Humberto Delgado Airport on April 19, 2017 in Lisbon, Portugal.

Horacio Villalobos | Corbis News | Getty Images

Correction: An earlier version incorrectly reported when Facebook reports earnings. It’s Thursday.

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