Traders are looking to hear from the Federal Reserve Chairman, Jerome Powell, at 2:30 p.m. ET after the central bank announces its latest monetary policy decisions at 2:00 p.m. ET. A CNBC survey found that 80% of the 43 respondents polled expect a rate cut on Wednesday. This is due to growing concerns about a recession, the outlook for monetary policy and an upcoming presidential election in the U.S.
Meanwhile, Beijing is reportedly hesitant about committing to purchase a large amount of farm goods from the U.S. – this has become a sticking point in U.S.-China trade talks, according to Reuters.
The data calendar includes ADP Payrolls at 08:15 a.m. ET as well as an advanced reading of real GDP figures for the third quarter due at 08:30 a.m. ET. There are no Treasury auctions scheduled.