It is a Fed day with an announcement @ 2:00pm ET followed by a press conference @ 2:30pm ET.  Expect markets to go into Fed wait mode in late morning until the announcement.  No significant changes are expected in rates and the Fed’s relaxed stance on inflation.

Cloud storage and computing company Snowflake will IPO today as SNOW.  The company expects 28 million shares to sell @ $120 which values the company at $33.3B.  Berkshire Hathaway (BRK.A) and Salesforce (CRM) have purchased millions of Snowflake shares.

Facebook (FB) is down premarket after the FTC said they are readying an antitrust case against the social media giant.  The FTC has been working on a broad investigation into the largest internet companies and FB’s antitrust case may be the first of several to come.

President Trump said his staff is close to deciding whether Oracle’s proposed alliance with China’s ByteDance will be approved.  The deal allows ByteDance to keep majority ownership in their TikTok app while Oracle becomes their US technology partner.  TitkTok’s global business would become a US based company while remaining a unit of ByteDance.

FedEx (FDX) is up over 9.5% premarket after adjusted earnings per share 80% higher than expectations ($4.87/share vs $2.70/share expected).  Revenue is up 14% to $19.2B, almost $2B above expectations.  The pandemic stay-at-home and work-from-home trends have accelerated Fedex’s growth.

The economic calendar focus is Retail Sales @ 8:30am ET and Oil @ 10:30am ET.

Volatility continues to shrink but remains elevated.  The Fed announcement and press conference could add some volatility after 2pm ET.

Size bias is long into the 8:30am ET Retail numbers on lighter than recent Globex volume.