U.S. stock futures were lower Wednesday morning after a strong start to companies reporting quarterly earnings powered the Dow Jones Industrial Average higher by 237 points, or nearly 1%, for its first close over 27,000 since mid-September. The Dow, heading into Wednesday trading on Wall Street, was less than 1.4% away from its July all-time highs. With Tuesday's gains, the Dow and S&P 500 joined the Nasdaq in positive territory for October. However, there are reports, including in The Wall Street Journal, that China may be pushing for the U.S. to drop plans for new tariffs in mid-December as leverage to make good on promised American farm goods purchases that were part of the preliminary "phase one" trade deal.
Shares of Bank of America were higher after the company issued better-than-expected third-quarter profit and revenue before the stock market opened on Wednesday morning. BofA saw its consumer and banking businesses offset a slump in trading. J.P. Morgan Chase led Tuesday's bank earnings with strong results. Among the 11 S&P 500 companies out with earnings Tuesday morning, only Goldman Sachs and Wells Fargo disappointed.
Sen. Elizabeth Warren weathered attacks throughout the latest Democratic presidential debate, including when she dodged questions on whether middle-class Americans would have to pay more in taxes under her "Medicare for All" proposal. It was the first such event since Warren started beating former Vice President Joe Biden in several national polls. On Wednesday morning, President Donald Trump tweeted the economy would "CRASH" like during the Great Depression if he were not reelected.
House Democrats decided not hold a vote to authorize the impeachment inquiry, defying White House calls to do so. "We're not here to call bluffs," Speaker Nancy Pelosi said at a news conference Tuesday evening. "This is not a game to us. This is deadly serious." Pelosi's decision comes as Republican lawmakers and the White House have branded the impeachment inquiry an illegitimate attempt to undermine Trump's presidency. Vice President Mike Pence and Trump's personal lawyer Rudy Giuliani said they won't cooperate with the House impeachment effort.
Steve Eisman, an investor best known for shorting stocks, told CNBC he's betting long on Motorola Solutions, an Illinois-based company providing communications systems for law enforcement and emergency responders. "It's a little obscure," he said on "Fast Money" on Tuesday. "What I really like about it is that it has very good management" He also said, "It's an oligopoly, it's lightly regulated, and its business has gotten better over the last couple of years." The stock is up more than 47% this year. Eisman's story became the basis of Michael Lewis' book, "The Big Short," which also became a movie.
— Reuters contributed to this report.