U.S. stock futures were slightly higher as traders awaited a bevy of corporate earnings reports. Dow Jones Industrial Average futures were up just 3 points, or less than 0.05%. S&P 500 futures ticked higher by 0.15%. Nasdaq 100 futures outperformed with a 0.4% gain. Qualcomm and PayPal are among the companies set to report earnings on Wednesday. Those moves come after a decline in the major tech stocks pressured the broader market in the previous session.
The CEOs of Apple, Amazon, Facebook and Google-parent Alphabet were all set to testify before the House Judiciary subcommittee on antitrust on Wednesday. The video conferencing testimony will give lawmakers and investors insight on how these massive companies are grappling with the antitrust concerns that have been brewing over the past few years. These stocks are among the market stalwarts of 2020, with Amazon rallying more than 60% year to date and Apple jumping 27% in that time. Both Facebook and Alphabet are up more than 12% in 2020.
The Federal Reserve is scheduled to deliver its latest decision on U.S. monetary policy Wednesday afternoon as traders look for clues on the state of the economy amid the coronavirus pandemic. Expectations for any changes to the Fed's overnight rate are at zero, according to the CME Group's FedWatch tool. Fed Chairman Jerome Powell is expected to answer questions from the media after the decision is announced.
Data compiled by Shanghai-based CINNO Research showed Apple iPhone sales skyrocketed by 225% in China during the second quarter after a coronavirus-induced slowdown during the first quarter. CINNO Research estimates Apple sold about 13 million iPhones in China between April and June. To be sure, Apple also offered big discounts of its flagship phone during a Chinese shopping festival in June.
L Brands — the parent company of Victoria's Secret — announced Tuesday it is preparing to slash about 850 jobs, or 15% of its total corporate workforce, as the coronavirus pandemic forces it to trim costs. "Decisions relating to our workforce are incredibly difficult and not taken lightly, but these actions are necessary to best position our company for the long-term," L Brands Chief Executive Andrew Meslow said in a statement. L Brands shares shot up 18.7% in the premarket Wednesday.
Correction: An earlier version incorrectly reported when Facebook reports earnings. It's Thursday.