U.S. new homes sales will be out at 9 a.m. CDT Wednesday, followed by the Energy Department's weekly energy inventories at 9:30 a.m. The Federal Reserve announcement is scheduled at 1 p.m., followed by a press conference with Fed Chairman Powell. Traders remain focused on the latest weather forecasts and on Russia's attacks on Ukraine.
Weather
A system moving through Canada is providing enough energy across the northern Corn Belt for thunderstorm development early Wednesday from Minnesota into Wisconsin. A little disturbance with these thunderstorms will continue eastward Wednesday, which may turn into more severe clusters across the Great Lakes later in the day. Additional storms may develop in the Northern Plains and Canadian Prairies as well. All of this activity is coming on the northern end of a ridge of heat that continues to spread throughout the U.S. with significantly hot temperatures.