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U.S. Stock Futures Gain With World Markets as Fed Expected to Raise Interest Rates

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U.S. stock futures were higher Wednesday, with markets worldwide also solidly in the black, as the Federal Reserve's monetary policy makers were widely expected to raise the interest rate for the first time in over nine years.

The Federal Open Market Committee concludes its meeting with an announcement at 2 p.m. E.T. Wednesday and a press conference at 2:30 p.m.

At 8:30 a.m., data on housing starts are expected to show an increase to 1.141 million for November from 1.06 million in October. The consensus range is between 1.1 million and 1.2 million, according to data compiled by Econoday.

At 9:15 a.m., data are expected to show a 0.2% decline in industrial production in November, adding to a 0.2% decline in October. The consensus range is between a 0.6% decline and a 0.3% increase. Then at 9:45 a.m., the PMI Manufacturing Index flash indicator is expected to show an uptick to 52.8 in December from 52.6 in November.

In equities, Array BioPharma ( ARRY ) shares surged 20% in recent pre-market trade after a study on its skin cancer drug binimetinib met its primary endpoint of improving progression-free survival. Valeant Pharmaceuticals ( VRX ) also rose, by over 2%, even as it gut its guidance for Q4 and the full year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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