Wall Street to eye Fed, earnings blast

Wall Street trade will hinge on the U.S. Federal Reserve on Wednesday, which is expected to make a final $15 billion cut to monthly bond purchases.

Focus will also be on any amendments to the wording in the Fed's statement, regarding forward guidance and its assessment of the economy.

Federal Reserve of New York building.
Cem Ozdel | Anadolu Agency | Getty Images
Federal Reserve of New York building.

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Kit Juckes of Societe Generale said the statement would likely be a "non-event", but forecast stocks could rise on their release nonetheless.

"You wouldn't rule out another rise in equity indices around the world given the recent momentum," he said in a morning research note.

U.S. futures were little changed but pointing toward a lower open on Wednesday.

Besides the Fed statement, investors will be watching another wave of earnings news.

Chocolate maker Hershey reported earnings that fell 3 cents short of expectations on a per share basis. Insurer WellPoint beat profit estimates as it saw growth in customers for its Medicaid and subsidized individual health programs.

Ralph Lauren reported mixed earnings, with profit topping expectations but revenue falling short. The retailer also cut its revenue growth forecast for 2015.

After the closing bell, Kraft Foods, Baidu, Visa, F5 Networks and Dreamworks Animation will post numbers.

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Other than the Fed and earnings, investors just have the weekly mortgage application print to look forward to.

Other stocks to watch include Facebook, which posted earnings per share and sales that topped forecasts late on Tuesday. However, shares fell as much as 10 percent in after-hours trading after the social media giant issued disappointing forward guidance and upped its costs outlook for next year.

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Correction: This piece was amended to reflect that the Federal Reserve will announce its decision on monetary policy on Wednesday.