Powell speech, GDP review, private hire and more: Wednesday’s 5 things to know

Here are the main events that will take place on Wednesday It can affect trading.

Powell’s speech: The Fed chair is scheduled to speak Wednesday at the Brookings Institution.

This is the last scheduled major speech by Fed officials before the upcoming monetary policy meetings on December 13-14.

Traders will pay close attention to What does Powell say? Because it can give clues about what the next move in interest rates might look like.

Inflation battle could drag on until 2024, official warns

Economic reports: Several economic data points that could play a role in the Fed’s decision will be released including: Second estimate of third quarter GDP. Abu Dhabi Police Jobs Report for Salaries, Job Opportunities, Labor Turnover Survey, Pending Home Sales and Fed Beige Book.

A worker at a BNSF railroad station watches the departure of a freight train in Galesburg, Illinois. ((AP Photo/Shafkat Anowar, File)/AP Newsroom)

Congress vote and the railroad: The US House of Representatives was due to vote on Wednesday to prevent a rail strike that could happen as early as Dec. 9, after President Joe Biden warned of dire economic consequences and massive job losses.

House Speaker Nancy Pelosi said lawmakers will vote Wednesday to enforce an initial contract struck in September on 12 unions representing 115,000 workers.

Pelosi said the House of Representatives will vote separately on Wednesday on a proposal to provide seven days of paid sick leave for railroad employees.

Biden’s rush to avoid a national rail strike faces opposition from progressive Democrats

No paid sick days under the initial deal after the unions asked for 15 days and the rails settled into one personal day.

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

The US Congress has passed laws to delay or ban rail and airline strikes several times in recent decades.

HEWLETT-PACKARD PROJECTS: Shares rose 2% in extended trading after the company reported quarterly results in line with analyst estimates and provided strong revenue guidance.

The company forecast fiscal first-quarter sales of between $7.2 billion and $7.6 billion, while analysts polled by FactSet averaged a model of $6.98 billion.

The stock market could fall again, 24% next year, Bank of America warns

HPE reported a fiscal fourth-quarter 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 a share, according to the Wall Street Journal.

Analysts polled by FactSet expected net income to average 57 cents per share on revenue of $7.37 billion.

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

Earnings reports: Before the market opens, results from the Build-A-Bear Workshop and Petco are due.

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