By Dhirendra Tripathi

Investing.com — Stocks steadied on Wednesday and surged in the afternoon after falling in the morning in anticipation of the Federal Reserve’s latest policy announcement.

While interest rates were kept close to zero by the Fed Wednesday, they said that the Fed would accelerate its bond purchase winddown and set a timeline regarding rate hikes in order to lower inflation.

It announced that it would taper its bond purchases by $30Billion per month beginning January. That’s double the pace of $15Billion monthly in November.

Fed highlighted inflation developments and continued improvement in labor markets as key factors that influenced its decision for faster bond tapering.

The data from Tuesday revealed that the producer price index increased in November by more than was expected. This is the most significant increase in eleven years. Last week’s consumer price report showed the highest jump in forty years.

Although the 0.3% decline in sales was disappointing, it could be that shoppers began stocking up on holiday merchandise earlier in fall to avoid shortages.

According to Reuters, retail sales have been affected by a shifting of spending from services to goods. Commerce Department reports a decline in sales at appliance and electronics stores while online sales are up. Higher fuel and food costs might limit discretionary spending.

These are the three factors that will impact markets tomorrow.

1. Adobe earnings

Adobe Systems Incorporated’s (NASDAQ:) fourth quarter results will be released Thursday. Analysts at Investing.com predict that the company will post a profit per share (EPS) of $3.20 for revenue of $4.09 Billion.

2. Rivian earnings

Rivian Automotive Inc (NASDAQ:)’s third-quarter loss per share is seen at $1.37 on revenue of $921,110.

3. FedEx Earnings

FedEx Corporation (NYSE 🙂 expects to post second quarter revenue of $22.41 Billion and profit per share at $4.27.

—Staff from Investing.com contributed to the creation of this report