Powell speech, GDP review, private hiring and more: the 5 things you need to know from Wednesday

These are the main events that take place on Wednesday that could affect trade.

POWELL SPEECH: The chairman of the Federal Reserve will speak at the Brookings Institution on Wednesday.

It is the last major scheduled speech for Fed officials before the next monetary policy meetings on December 13 and 14.

Traders will want to pay close attention to what Powell says as it could provide clues as to what the next move in interest rates might look like.

INFLATION FIGHT MAY LAST UNTIL 2024, FED OFFICIAL WARNS

Federal Reserve Chairman Jerome Powell will speak at the Brookings Institution. (AP Photo/Manuel Balce Ceneta, File/AP Newsroom)

ECONOMIC REPORTS: Several economic data points that could play a role in the Fed’s decision-making will be released, including: the second estimate of GDP in the third quarter. The ADP private payrolls report, job openings and labor turnover survey, pending home sales and the Fed’s Beige Book.

A BNSF train pulls out of the yard

A BNSF Rail Terminal employee oversees the departure of a freight train in Galesburg, Illinois. ((AP Photo/Shafkat Anowar, File) / AP Newsroom)

CONGRESS AND RAIL VOTES: The U.S. House of Representatives was set to vote on Wednesday to block a railroad strike that could potentially take place as early as December 9, after President Joe Biden warned of dire economic fallout and massive job losses.

House Speaker Nancy Pelosi said lawmakers will vote Wednesday to impose a preliminary contract agreement signed in September with a dozen unions representing 115,000 workers.

Pelosi said the House would vote separately Wednesday on a proposal to give railroad workers seven days of paid sick leave.

BIDEN’S PUSH TO AVOID NATIONAL RAIL STRIKE FINDS OPPOSITION FROM PROGRESSIVE DEMOCRATS

There are no paid sick days under the tentative deal after unions asked for 15 and railroads settled on one in-person day.

The measure needs a simple majority to pass the House. The bill would need a supermajority of 60 votes out of 100 to pass the Senate.

The U.S. Congress has passed laws several times in recent decades to delay or prohibit railroad and aviation strikes.

HEWLETT-PACKARD ENTERPRISES: Shares rose 2% in extended trading after the company reported quarterly results that were in line with analyst estimates and offered strong revenue expectations.

The company forecast fiscal first quarter revenue of between $7.2 billion and $7.6 billion, while analysts polled by FactSet expected $6.98 billion on average.

STOCK MARKET MAY GO ANOTHER 24% NEXT YEAR, BANK OF AMERICA WARNS

HPE reported a fourth quarter fiscal net loss of $304 million, or 23 cents per share, compared to a net profit of $409 million, or 31 cents per share, in the year-ago quarter. Adjusted earnings were 57 cents per share, according to the Wall Street Journal.

Analysts polled by FactSet had expected net earnings of 57 cents per share on revenue of $7.37 billion.

Petco location

Entrance of a retailer of pet products and services (iStock/iStock)

PROFIT REPORTS: Before the market opens, there are results from Build-A-Bear Workshop and Petco.

After the bell, Box, Five Below, La-Z-Boy, Okta, Salesforce and Victoria’s Secret will update investors on their earnings.

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