5 things to know before the stock market opens Wednesday

1. Dow set to rise on a busy day for economic data

Traders work on the floor at the New York Stock Exchange, November 4, 2019.
Brendan McDermid | Reuters

U.S. stock futures were pointing to more new highs at the open Wednesday on Wall Street. The Dow Jones Industrial Average, S&P 500 and Nasdaq all closed at records Tuesday. There's a crush of economic data out Wednesday morning including durable goods and pending home sales. Heavy equipment maker Deere & Co. issued quarterly earnings of $2.14 per share, edging estimates by a penny. Revenue also beat. However, Deere said results continue to be impacted by U.S.-China trade tensions and uncertainties in the agriculture sector. In the afternoon, the Federal Reserve is out with its Beige Book of regional economic activity. The stock market is closed Thursday for Thanksgiving and closes early at 1 p.m. ET on Black Friday. In many parts of the country, severe storms are expected over the holiday weekend.

2. Trump says US and China in 'final throes' of trade deal

Chinese President Xi Jinping (R) and US President Donald Trump attend their bilateral meeting on the sidelines of the G20 Summit in Osaka on June 29, 2019.
Brendan Smialowski | AFP | Getty Images

President Donald Trump told reporters Tuesday the U.S. and China are in the "final throes" of cementing a "phase one" trade deal, but he wants to see things in Hong Kong go well. Later, in an interview with Bill O'Reilly for the former Fox News host's website, Trump said he's "holding it up" to reach an agreement that favors the U.S. "because we have to catch up." In more evidence that the world's second-largest economy is slowing, China's industrial profits post their steepest drops in eight months in October. The communist Chinese government finally responds to the pro-democracy landside in Sunday's Hong Kong elections, saying the voting "fell victim" to the anti-government protests.

3. Impeachment 'constitutional basis' hearing set for next week

Chairman of the House Judiciary Committee Rep. Jerry Nadler (D-NY) questions former Special Counsel Robert Mueller as he testifies about his report on Russian interference in the 2016 presidential election in the Rayburn House Office Building July 24, 2019 in Washington, DC.
Win McNamee | Getty Images

The House Judiciary Committee is set to hold a hearing on the constitutional basis for impeachment next Wednesday after lawmakers return from the Thanksgiving break. Judiciary Chairman Jerrold Nadler, D-N.Y., said, in a letter to the president, that if Trump or his counsel "plan to attend the hearing or make a request to question the witness panel" they need to let the committee know by Sunday at 6 p.m. ET. The New York Times reports that Trump knew in late August about the whistleblower, whose claims became central to the impeachment inquiry, when he released frozen military aid to Ukraine on Sept. 12.

4. FAA says again it needs longer to test Boeing 737 Max

Boeing 737 MAX airplanes are seen parked on Boeing property on August 13, 2019 in Seattle, Washington.
David Ryder | Getty Images

The FAA, with just 34 days left in 2019, is making it increasingly clear that the agency is unlikely to recertify the Boeing 737 Max this year, a timetable Boeing has been targeting for months. For the third time in two weeks, the Federal Aviation Administration said publicly it will take all the time it needs to conduct "numerous rounds of rigorous testing" to determine whether the Max is safe. Boeing told CNBC that it has not changed its outlook for the Max returning to service in 2019. The entire Max fleet has been grounded worldwide since mid-March after deadly two crashes involving those jets.

5. Musk tweets 250K as Cybertruck vs. F-150 seems unlikely

Tesla CEO Elon Musk unveils the Cybertruck at the TeslaDesign Studio in Hawthorne, Calif. The cracked window glass occurred during a demonstration on the strength of the glass.
Robert Hanashiro | USA TODAY | Reuters

Tesla CEO Elon Musk suggests in a tweet that the electric auto maker has received 250,000 preorders for its newly unveiled Cybertruck. The refundable $100 reservations are not considered as deposits for the pickup, which comes with a starting price of $39,900. In last week's rollout, Musk trolled Ford by showing video of the Cybertruck towing a Ford F-150, one of the most popular pickups on the market. Ford X Vice President Sundeep Madra called for an "apples to apples" test, in a Monday tweet. But the contest is unlikely to happen. A Ford spokesperson subsequently said that Madra's tweet was only "tongue-in-cheek" and "nothing more."

— Reuters contributed to this report.