Falling oil pulls Wall Street lower on Fed day


U.S. stock futures were lower this morning, as oil was giving back most of Tuesday's nearly 3.7 percent advance. The Dow had its best day since early December but still remains in a correction. (CNBC)

A surprise rise in U.S. crude stockpiles, measured by an industry group, knocked down the market. Traders hope for better news from the weekly government inventories report, out at 10:30 a.m. ET. (Reuters)

The Fed concludes its January meeting with a 2 p.m. ET policy statement. No change in interest rates is expected, but market participants look for any dovish guidance on the path for borrowing costs. (CNBC)

Investors also wait to see whether the Fed gives a nod to concerns about China, which saw the Shanghai composite close modestly lower overnight after tumbling as much as 4 percent earlier in the session. (CNBC)

It's another big day for earnings, with Dow components Boeing (BA) and United Technologies (UTX) out before the bell. Facebook (FB) leads the list of profit reports set for release after the bell. (CNBC)

Apple (AAPL) was under pressure in the premarket, with investors focusing on the slowest growth ever for iPhone sales. The tech giant also forecast its first revenue decline in 13 years. (CNBC)

Despite delivering the "best results ever" in the China, Taiwan, and Hong Kong region, Apple CEO Tim Cook said on last night's earnings call that he's beginning to see "some signs of economic softness" there. (CNBC)

AT&T (T) matched estimates on earnings but missed on revenue. AT&T has been hit by growing competition in the wireless area, with fewer subscriber additions than a year earlier. (AP)

With deep pockets and flexibility, Amazon (AMZN) is beating Netflix (NFLX) at the Sundance Film Festival on the art of the movie deal, sources tell the New York Post.

Federal regulators are expected to soon propose overhauling rules for TV set-top boxes, a move aimed at lowering bills for cable viewers and providing more access to Internet-based shows. (WSJ)

Ride-hailing startup Lyft has agreed to pay $12.25 million and change its terms of service to settle a class-action lawsuit brought by California drivers who wanted to be recognized as full-time workers. (NY Times)

Sitting on a double-digit, worst-ever loss for his hedge fund, billionaire Bill Ackman told investors he made mistakes last year by not cutting two big positions. But he said he saw plenty of new opportunities. (Reuters)

GOP presidential front-runner Donald Trump had demanded the removal of Megyn Kelly as a moderator for tomorrow night's Fox News debate. The network did not blink, so Trump plans to walk. (NY Times)

U.S. relations with Cuba continue to thaw, with new federal trade rules going into effect today, allowing American businesses to sell directly to state-run companies on the island nation. (USA Today)


Ahead of the Fed, Wall Street gets a look at December new home sales at 10 a.m. ET, with forecasts calling for a 2.4 percent increase, following a 4.3 percent November advance.

Defying expectations at the start of 2016, mortgage rates spiraled down further last week, spurring a home loan application surge of 8.8 percent, according to the Mortgage Bankers Association.

Wells Fargo (WFC) added 350 million shares to its stock buyback program, worth nearly $17 billion at current prices. Earlier this month, the bank beat on earnings but missed slightly on revenue.

Capital One (COF) earned $1.58 per share for its latest quarter, missing estimates by 3 cents, though revenue was slightly above forecasts. The credit card issuer was hurt by higher marketing and operating costs.

Citizens Financial (CFG) joins the S&P 500 at the close of business on Friday. The banking company replaces Precision Castparts, which is being purchased by Warren Buffett's Berkshire Hathaway (BRK.B).


Fiat Chrysler (FCAU) is taking a $906 million charge related to changes in its North American production schedule, with full details set to be released later in the day today.

Toyota (TM) kept its No. 1 ranking in global sales for 2015, selling 10.15 million vehicles worldwide and beating out emissions-scandal hit Volkswagen and General Motors (GM).

Ford (F) CEO Mark Fields joined the IBM (IBM) board of directors, effective March 1. Fields briefly worked at IBM in sales and marketing after graduating from Rutgers and before attending Harvard Business.

VMWare (VMW) announced quarterly earnings and revenue that slightly beat estimates; 800 job cuts resulting in a restructuring charge of up to $65 million; and the departure of its CFO.

U.S. Steel (X) reported a much smaller-than-expected loss. The steel maker said it faced "significant headwinds" for this year, amid an abundance of supply and competition from lower-priced imports.


A tweet from Oprah pushed Weight Watchers (WTW) up more than 20 percent Tuesday. She posted a video in which she said she lost 26 pounds while eating bread every single day on the diet. (USA Today)