Wednesday's trading: 5 things to know
Wednesday's trading may also be impacted by Toyota's global production and the latest fuel inventory report
Here are the key events taking place on Wednesday that could impact trading.
GROWTH CHECK: The Commerce Department will release its final estimate of first-quarter gross domestic product. The Refinitiv forecast is for a seasonally adjusted annualized contraction of 1.5%. That’s unchanged from the preliminary estimate last month, but a big reversal from the 6.9% pace of growth in the fourth quarter.
The final revision of first-quarter gross domestic product due out Wednesday is expected to confirm a larger contraction of the U.S. economy. (AP / AP Newsroom)
TOYOTA MOTOR: Watch shares of Toyota after the company reported that it missed its global production target for May. The automaker's production target had already been downgraded as China's COVID-19 lockdowns and semiconductor shortages continued to impact business. That makes May the third straight month in which production fell short.
TOYOTA'S GLOBAL PRODUCTION TARGET FOR MAY FALLS SHORT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 169.67 | -2.89 | -1.68% |
EARNINGS: Quarterly results will ramp up on Wednesday with Barnes & Noble Education, Bed Bath & Beyond, General Mills, McCormick & Co, Paychex and Schnitzer Steel before the market opening bell.
FED SPEAK: Cleveland Fed President Loretta Mester will participate in a panel on "The Role of Inflation Expectations in Monetary Policymaking" before the European Central Bank's Forum on Central Banking.
Loretta Mester, president of the Federal Reserve Bank of Cleveland. (Marlene Awaad/Bloomberg via Getty Images / Getty Images)
SAN FRANCISCO FED PRESIDENT: GETTING INFLATION DOWN IS ‘NUMBER ONE PRIORITY’
OIL INVENTORIES: The Department of Energy will release its inventory report for the week ending June 17, which is delayed a week because of a system failure, according to the EIA. They will also release inventory data for the week ending June 24, as scheduled.
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Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery. (REUTERS/Bing Guan / Reuters Photos)