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8:20 am: Fed to release economic projections after meeting
Federal Reserve officials will indicate where they see GDP, unemployment and inflation heading as the U.S. begins its recovery from the coronavirus pandemic. As the Federal Open Market Committee wraps up its two-day meeting Wednesday, markets are expecting little in the way of policy changes, but will get to see how policymakers see the recovery unfolding. In addition, the Fed will release its "dot plot" of individual members' projections for interest rates. While there likely won't be any shifts soon, the plot will give an indication on whether members see negative rates as a possibility. Chairman Jerome Powell will hold a news conference afterwards. –Cox
8:17 am: Bank of America raises price target on Alphabet, Facebook
Tech has been leading the market higher, and Bank of America believes these names will continue to outperform. On Wednesday the firm raised its target on Alphabet to $1,610 from $1,420 based on ad revenue and monetization trends. The new target is about 11% above where the stock currently trades. When it comes to Facebook, the firm believes the company "has strong ability to capitalize on the surge in usage seen during shelter in place orders." The firm's new $265 target represents 11% upside. Bank of America also raised its target on Pinterest to $24 to $22, and on Snap from $20 to $24. –Stevens
8:14 am: Tesla rises on report of scaling Semi truck production
Tesla shares rose more than 5% in the premarket after Reuters reported CEO Elon Musk wants to bring the company's Semi truck to "volume production." Musk noted in a memo, according to Reuters, that production of the Semi's powertrain and battery will take place in Nevada while other components will be built in other states. In April, Tesla said it would delay Semi production and delivery until 2021. —Imbert
7:52 am: Tech stocks rising again
Major tech stocks moved higher in premarket trading, continuing a strong rally for the sector that pushed the Nasdaq Composite above 10,000 briefly on Tuesday. Facebook, Amazon and Apple rose more than 1% in premarket trading, while Alphabet and Netflix posted smaller gains. —Pound
7:35 am: United and JetBlue downgraded at JPMorgan, rally can't last 'much longer'
Shares of United and JetBlue fell 5% and 7%, respectively, during premarket trading after JPMorgan downgraded the stocks, saying the recent rally can't last for "much longer." Analyst Jamie Baker pointed to moderating recovery rates, as well as valuations that are beginning to look stretched. – Stevens
7:30 am: Dow futures dip ahead of Fed announcement, but Nasdaq set for more gains
Dow Jones Industrial Average futures fell 48 points, or 0.2%, as traders braced for an upcoming monetary policy announcement from the Federal Reserve. S&P 500 futures were also little changed. Nasdaq-100 futures, however, rose 0.5% as shares of Facebook, Amazon, Apple and Netflix traded higher in the premarket. Both the Nasdaq-100 and Nasdaq Composite are coming off record-setting sessions, with both averages breaking above 10,000 for the first time on Tuesday. —Imbert
—With reporting from Jeff Cox.
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Source: cnbc.com
