Here are the key events taking place on Wednesday that could impact trading.
TWITTER ANNUAL MEETING: Tesla CEO Elon Musk and Twitter’s board are expected to square-off at the social media giant’s annual shareholder meeting on Wednesday.
Though Twitter’s board has accepted Musk’s $54.20 per share offer to take the company private, the deal is now temporarily on hold as the billionaire has asked the company to show how it calculates an internal estimate that spam and fake accounts make up less than 5% of the platform’s users.
FED MINUTES: In the afternoon, the Federal Reserve is due to give insight into its decision-making by releasing minutes of its latest policy meeting. Fed policymakers hiked the benchmark federal funds rate by a half point earlier this month.
DURABLE GOODS: The Census Bureau is expected to say that new orders for manufactured big-ticket items rose a seasonally adjusted 0.6% month-over-month in April, slightly trailing March’s revised 0.8% increase. If you factor out the transportation component, orders are anticipated to rise 0.6%, helped the previous month’s revised 1.2% gain. Orders for core capital goods climbed 0.5% in April, below March’s revised 0.9% gain.
GREAT BROTHERS: Watch shares of the luxury homebuilder after second-quarter profit and revenue that topped Wall Street expectations. Shares gained more than 6% in extended trading. Earnings for the quarter came in at $220.6 million, up from $127.9 million a year earlier.
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EARNINGS REPORTS: Another batch of retailers will report quarterly results. In the morning, watch for Dick’s Sporting Goods and Express. After the closing bell, we’ll get numbers from Williams-Sonoma and Guess?. Graphics chipmaker Nvidia will also report after the close of markets.