Laurence Meyer, Macroeconomic Advisers senior managing director, debates whether further Fed intervention is needed to stabilize the U.S. economy, with Stephen Roach, Yale University senior fellow.
By NBC News wire services
Investors are looking ahead to the Federal Reserve?s statement on interest rates Wednesday.
Central bankers are likely to show that they are ready to act to support a weakening U.S. economy, but will stop short of aggressive measures for now.
The market posted its biggest two-day percentage gain to close out last week on increased expectations both the Fed and the European Central Bank will plan further actions to stimulate their respective economies at meetings this week, but the index has stalled the last two sessions as it reached levels not seen since early May.
At 10 a.m. ET, the Commerce Department will release June construction spending and the Institute for Supply Management will release its July manufacturing index. Economists in a Reuters survey forecast construction spending to rise 0.4 percent and a 50.2 ISM reading.
China's official factory purchasing managers' index edged down to an eight-month low of 50.1 in July from 50.2 in June, suggesting the sector is barely growing, while a rival HSBC survey indicated the more market-sensitive private sector is starting to recover.
MasterCard, the world's second-largest credit and debit card processing network, is expected to post a higher second-quarter profit as more people across the globe use cards instead of cash. Other major companies announcing results include Metlife, Prudential Financial Inc and Tesoro Corp.
According to Thomson Reuters data through Tuesday morning, of the 321 companies in the S&P 500 that have reported second-quarter earnings to date, 67.3 percent have reported earnings above analysts' expectations. Over the past four quarters, the average beat rate is 68 percent.
European stocks rose early on Wednesday, helped by a string of better-than-feared corporate results ahead of policy decisions by the Fed and the ECB which some expect to result in bold action to support their economies.
Asian shares fell on Wednesday as soft Chinese manufacturing data further undermined investor confidence and as hopes faded for bold stimulus action this week by the Fed and the ECB to underpin faltering economies.
Reuters contributed to this report.
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