After two days of heavy selling, a big earnings beat for Boeing (BA) has Dow futures trading more than 200 points above fair value this morning. Adding to the positive momentum, ADP data showed private employers added a stronger-than-expected 234,000 jobs in December. Traders are also looking ahead to a 2 p.m. policy announcement from the Fed. No changes are expected in Janet Yellen's last meeting as the head of the central bank, though the statement could expand on a possible March rate hike.
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Stocks throughout Asia mostly closed lower, with investors taking cues from President Donald Trump's State of the Union speech. Hong Kong's Hang Seng managed to outperform, snagging a 0.9% win, but that was about it for positive finishes for the major indexes in the region. In China, the Shanghai Composite dipped 0.2% after the manufacturing PMI for January missed estimates, though a number of blue chips stabilized in the session. The scene was even worse in Japan, where the Nikkei fell 0.8%. South Korea's Kospi also struggled, closing down 0.1%.
In Europe, trading has been mixed thus far. Traders are digesting the latest corporate earnings reports, as well as inflation data out of the eurozone, which remained below the European Central Bank's (ECB) targets. Among the names making the biggest moves are appliance maker Electrolux and telecom equipment giant Ericsson, with the former storming higher after earnings while the latter slides. At last check, London's FTSE 100 was down 0.1%, the German DAX was up 0.2%, and the French CAC 40 was up 0.3%.