The GDP report that economic growth virtually stalled in the first quarter could set the Fed up to sound more dovish later Wednesday.
Wall Street has its eye on the Federal Reserve's meeting, but a slew of data is likely to have more influence on stocks Wednesday.
As the Fed begins its two-day policy meeting Tuesday, markets will get a look at how consumers behaved just before the government shut down.
Bulls face a trio of challenges: The Fed, earnings from some big names and delayed data due to the shutdown. Will they keep running or lie down?
GDP data Wednesday is expected to show a slow-moving, zombie-like economy, as the Fed meets for a second day.
*Jefferies cuts Cabot Corp price target to $47 from $53; rating buy. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
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The current three-month rally may have run out of steam as the Dow suffered a triple-digit decline yesterday, shedding 200.72 points or 2.35% to close at 8339.01. The Dow has closed with triple-digit losses three times so far in the past three weeks, and 31 times so far in 2009. This compares to 504 triple-digit in history, 84 of which occurred in 2008 including the largest 1-day point decline in history of 777.68 points or 6.97% on September 29.
We are now entering the "let's get real" phase of the commodity runup. Recall that commodities and commodity stocks have outperformed the overall markets since March on 1) the weak dollar, and 2) strong buying of commodities by China, which prompted momentum buying from speculators.
Recapitalization of European banks is continuing: ING took a 10 billion euro ($13.5 billion) cash influsion; French banking giant Societe Generale was down on capitalization concerns; Sweden outlined a $205 billion plan to support its banks. Secretary Paulson will speak at 11:30am ET, giving details of the application process for the capital purchase program. Also: Oppenheimer is upgrading all the big oil and gas names this morning.