Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, Sept. 17:
1. -- U.S. stock futures were suggesting Wall Street would open lower Tuesday as the Federal Reserve begins a two-day meeting.
European stocks were trading to the downside. Asian shares ended the session mostly lower. Japan's Nikkei 225 index declined 0.7%.
2. -- The economic calendar in the U.S. Tuesday includes the Consumer Price Index for August at 8:30 a.m. EDT, and the NAHB Housing Market Index for September at 10 a.m.
3. -- U.S. stocks on Monday ended mostly higher as investors bet on an extension of the Federal Reserve's stimulus program and a smooth leadership transition at the central bank as former U.S. Treasury Secretary Larry Summers withdrew his name from consideration as the next Fed chairman.
The S&P 500 gained 0.57% to 1,697.60. The benchmark index began the session up 18.36% year to date. The Dow Jones Industrial Average added 0.77% to 15,494.78. The Nasdaq dropped 0.12% to 3,717.85.
4. -- The Fed begins a two-day meeting on Tuesday at which the central bank is widely expected to slow the pace of its bond purchases.
Most economists expect the Fed's initial move to be small -- a reduction in monthly purchases to $75 billion from $85 billion.
"Market expectations have moved to such a degree that by not tapering they would be generating confusion in markets. They might as well start to do it," said Mike Moran, chief economist at Daiwa Capital Markets America, in an interview with MarketWatch.
5. -- Aaron Alexis, an employee at a defense contractor, used his pass to get into the Washington Navy Yard and went on a deadly shooting rampage Monday, authorities said. Thirteen people were killed, including the gunman.
The motive for the attack -- the deadliest mass shooting on a military installation in the United States since the tragedy at Fort Hood, Texas, in 2009 -- was a mystery, investigators said.
Washington Mayor Vincent Gray said there was no indication it was a terrorist attack, but he added that the possibility had not been ruled out.
6. -- JPMorgan Chase
Regulators in the U.S. and U.K. are expected to fault JPMorgan for deficient internal controls and disclosing incorrect information related to the 2012 trades, the people told the Journal. The trades resulted in more than $6 billion in losses at JPMorgan.
7. -- General Motors
Vice President of Global Product Development Doug Parks wouldn't say when or if such a car will be built, however.
The 200-mile car would cost about the same as GM's Volt plug-in hybrid -- $35,000 -- and it would match the range and be far cheaper than Tesla's