Stock Market Today: US stocks set for a mixed opening as investors await key earnings reports
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US stock index futures trade mixed ahead of Wall Street's opening bell on Wednesday. S&P 500 futures are down 0.06%, Dow Jones futures drop 0.16%, and Nasdaq futures are unchanged. Enphase Energy INC (ENPH) was the top-performing stock in the S&P 500 on Tuesday, gaining more than 13% on a daily basis. Kroger (KR), KLA Tencor Corp. and Fiserv Inc. shares were the biggest losers Tuesday, falling more than 2%. The US Census Bureau will release Goods Trade Balance data for December on Wednesday. The Federal Reserve will publish Consumer Credit Change later in the day, and Fed Governor Michelle Bowman and Richmond Fed President Thomas Barkin will also be speaking. Alibaba Group Holdings Ltd. (BABA) reported Q3 adjusted net income of RMB 47,951 million and Q3 revenue of RMB 260,348 million on Wednesday. Uber Technologies Inc (UBER) announced Q4 net income of $1.4 billion and Q4 gross bookings of $37.6 billion. Walt Disney Company (DIS), ARM Holdings PLC (ARM), and Paypal Holdings Inc (PYPL) are among top companies scheduled to announce earnings after the closing bell on Wednesday. Federal Reserve Bank of Philadelphia President Patrick Harker said on Tuesday that the central bank made the right choice last week to maintain interest rates steady amid an outlook that likely heralds more inflation declines. The CME FedWatch Tool shows that markets are pricing in a 21.5% probability of a 25 basis points Fed rate cut in March.
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