Futures higher as US and China conclude trade talks

Damir Sagolj | Reuters

President Donald Trump and China’s President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017.

Investor focus will also likely be attuned to political developments, as the U.S. government shutdown showed no signs of letting up. President Donald Trump delivered an address on immigration and border security Tuesday night, where he made his case for the proposed wall along the U.S.-Mexico border, a key sticking point inhibiting progress toward a funding deal to re-open the government.

In terms of economic data, MBA mortgage applications are due at 7 a.m. ET.

Traders are likely to monitor talks from several Federal Reserve policymakers Wednesday: Atlanta Fed President Raphael Bostic speaks at an event in Chattanooga, Tennessee, at 8:20 a.m. ET; Chicago Fed President Charles Evans is speaking at an event in Riverwoods, Illinois, at 9 a.m. ET; and Boston Fed President Eric Rosengren will provide an economic outlook at an event in Boston, Massachusetts, at 11:30 a.m. ET.

Fed Chairman Jerome Powell assuaged investor concerns last week, saying at a panel discussion that the U.S. central bank “will be patient” with monetary policy. Investors, increasingly on edge over the possibility of a slowdown in global growth, had feared the institution may be hiking interest rates too fervently. The Fed hiked rates four times last year, and expectations have tempered as to how many times it may raise its benchmark rate in 2019.