Today's stock futures decline due to concerns about the Federal Reserve.

BY THE NUMBERS

The Federal Reserve is expected to shift to a more aggressive monetary policy tightening path, with investors awaiting more insight into the central bank's plans. Minutes from the Fed's March meeting, which featured the first interest rate hike in more than three years, are out at 2 p.m. ET. The market sees at least 0.25% rate increases at all six of the remaining Fed meetings of the year, with bigger 0.5% rises possible in May and June. Fed Governor Lael Brainard, who normally favors loose policy and low rates, said Tuesday the central bank needs to act quickly and aggressively to drive down inflation. Those comments sent Wall Street lower and bond yields to near three-year highs again.

On Wednesday, the 30-year fixed-rate mortgage rate climbed above the 2.63% mark, breaking out of an inversion. However, the 5% rate remained inverted and higher than the 2.63%. The spike in bond yields drove the mortgage rate up. (CNBC) In fact, 30-year fixed-rate mortgages topped 5% on Tuesday. The rising rate environment sent total home loan application volume down another 6% last week, according to the Mortgage Bankers Association. That’s down 41% from the same week a year ago. (CNBC)

IN THE NEWS TODAY

On Wednesday, oil prices remained high due to supply concerns as the US and its European allies consider imposing more sanctions on Moscow over allegations of wartime atrocities by Russian troops in Ukraine. The head of the European Council stated that Russia's oil and gas sanctions were necessary. Meanwhile, CEOs of oil companies, including CVX and XOM, are set to testify before a House panel about controlling energy costs. At another House hearing, Treasury Secretary Janet Yellen will discuss the global impact of Russia's invasion of Ukraine on the global economy. In response to the invasion, many US and international companies, including INTC, have suspended business operations in Russia. Intel fell 1% in premarket trading.

A federal advisory committee of outside experts will meet on Wednesday to help develop a U.S. Covid vaccine strategy for the rest of the year as evidence suggests that new variants have weakened the effectiveness of existing vaccines. Meanwhile, the Centers for Disease Control and Prevention (CDC) has announced that high immunity in the U.S. provides some protection against the omicron BA.2 variant. In the UK, a new Covid variant known as omicron XE has been detected, and CNBC reports on what is currently known about this variant. Additionally, Shanghai has announced that it will allow some parents to stay with children infected with Covid, making an exception to its policy of isolating anyone who tests positive. This announcement came as China's largest city remained locked down and conducted more mass testing after a surge in cases.

JetBlue is making an unsolicited $3.6 billion all-cash offer for Spirit Airlines, raising questions about Spirit's deal to combine with rival discount carrier Frontier Airlines. Spirit said its board is evaluating JetBlue's proposal, which is 33% higher than Frontier's stock-and-cash offer.

Uber (UBER) announced on Wednesday that it plans to add trains, buses, planes, and car rentals to its U.K. app this year. This move is part of a pilot that could be expanded to other countries if it proves successful. Although Uber won't provide these travel services, it will allow users to book them through its app following software integrations with platforms that sell tickets. (CNBC)

Elon Musk, CEO of TSLA, has been purchasing TWTR shares daily since the end of January, spending $2.64 billion on his current stake in the company, as announced in a regulatory filing on Tuesday. Additionally, Twitter has confirmed that it is currently testing an edit button. (CNBC)

On Tuesday, Ivanka Trump testified for approximately eight hours before the House committee investigating the January 6th Capitol riot. This occurred after her father, former President Donald Trump, spent several weeks spreading false claims about widespread ballot fraud, which led to the riot. (Source: CNBC)

The Biden administration is set to prolong the federal student loan payment freeze until August 31, following the lead of a moratorium that has enabled millions of Americans to defer payments during the Covid-19 pandemic, according to a White House official. (AP)

STOCKS TO WATCH

Tilray's (TLRY) stock price increased by 2.1% in the premarket after reporting an unexpected profit for its latest quarter, despite revenue falling below analyst predictions. Additionally, the cannabis producer announced a partnership with Whole Foods to sell the hemp powders produced by its Manitoba Harvest subsidiary.

After announcing it was on track to meet its 25,000 electric vehicle production target for the year, RIVN gained 1.7% in the premarket.

Occidental's stock price increased by 1.7% in premarket trading after Stifel Financial issued a "buy" rating. Despite its significant growth this year, Stifel believes that Occidental's low carbon business remains undervalued.

The aviation industry broadband provider's stock surged 10.4% in premarket trading after being announced as joining the S&P SmallCap 600 index prior to Friday's open.

The renewable energy equipment manufacturer, ARRY, experienced a 14.5% increase in the premarket after reporting better-than-expected quarterly revenue and issuing an optimistic revenue forecast. Additionally, the company announced the appointment of Kevin Hostetler as its new CEO, effective April 18, replacing the retiring Jim Fusaro.

WATERCOOLER

Teens are increasingly prioritizing comfort and fashion in their shopping habits, even as they express concerns about economic uncertainty, according to a new survey. Brands such as LULU and NKE, which offer athletic apparel that combines comfort and style, are gaining popularity among traditional clothing labels, according to Piper Sandler's biannual "Taking Stock With Teens" report released on Wednesday. (CNBC)