This could be an eventful trading day.
Here are the five things you need to know before the opening bell rings in New York:
1. Will the ECB deliver? The European Central Bank will set the tone in the markets Thursday. It is widely expected to cut interest rates further into negative territory and ramp up its stimulus program.
Economists expect the ECB will cut rates from minus 0.3% to minus 0.4%, or even lower. They also expect the ECB will increase the amount of bonds it is buying each month by at least 10 billion euros ($11 billion). It is already buying assets worth 60 billion euros ($66 billion) each month. It could also extend the duration of the program.
The moves are meant to combat deflation and get money coursing through the eurozone economy.
The interest rate decision will come at 7:45 a.m. ET, and then ECB president Mario Draghi will hold a news conference at 8:30 a.m. The euro is weakening against most major global currencies ahead of the announcement.
2. Global market overview: U.S. stock futures are stable ahead of the opening bell. Most European markets are eking out small gains in early trading. Asian markets ended the day with mixed results.
Yields on 10-year government bonds in the U.S. and across Europe are shifting lower.
In commodities, U.S. crude oil futures are dipping below $38 per barrel. And prices are slipping for precious metals and most industrial metals.
3. Market mover — Volkswagen: Shares in Volkswagen are declining in Germany after the company’s top executive in the U.S. stepped down. Volkswagen Group of America said its CEO Michael Horn left his post on Wednesday.
The automaker is mired in a growing scandal over falsified emissions tests.
4. Earnings and economics: Companies including Dollar General, Canadian Solar, Party City and Stein Mart are posting quarterly earnings ahead of the open.
Zumiez and El Pollo Loco are reporting after the close.
On the economic front, traders will be watching for U.S. natural gas inventory data at 10:30 a.m. Then the U.S. Treasury Department will release its February budget at 2 p.m.
5. Wednesday market recap: It was a subdued day in the markets on Wednesday, but they still manage to inch higher.
The Dow Jones industrial average climbed 0.2%, the S&P 500 added 0.5% and the Nasdaq ticked up 0.6%.
