Fed day, crypto hearings, Nvidia

My top 10 things to watch Wednesday, Dec. 14, 2022

1. US stock futures point to a relatively flat open, as Wall Street waits to see what the Federal Reserve does with interest rates Wednesday afternoon at the conclusion of its December meeting. The market expects a smaller 50-basis-point rate hike after four straight 75-basis-point increases. Tuesday’s cooler-than-expected consumer price index read gives investors hope that inflation has truly turned the corner.

2. Cryptocurrency exchange Binance has “stabilized” and deposits are “coming back in,” says CEO Changpeng Zhao. There have been lots of withdrawals across digital coin the industry after the collapse of the FTX exchange and the arrest of its founder, Sam Bankman-Fried, on fraud charges. One day after the House Financial Services Committee’s crypto hearing, it’s the Senate Banking Committee’s turn Wednesday.

3. Delta (DAL) shares rise in the premarket after the airline boosted estimates on fourth-quarter and full-year earnings per share (EPS). Delta sees EPS of $1.35 to $1.40 versus $1 to $1.15 expected. The full-year 2022 EPS guidance: $3.07 to 3.12 versus $2.89 expected. By contrast, JetBlue (JBLU) says it expects fourth-quarter revenue-per-available-seat-mile at the low end of its prior guidance range.

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