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Traders work on the floor of the New York Stock Exchange (NYSE) on January 6, 2016 in New York City.
On the data front, productivity and costs data are due out at 8:30 a.m. ET, followed by wholesale trade at 10 a.m. ET. Mortgage applications rose by 3 percent last week, boosted by a drop in rates.
In the political sphere, investors will be keeping a close eye on the rising tensions between North Korea and the U.S. on Wednesday.
On Tuesday, U.S. President Donald Trump warned the Asian country about facing “fire and fury” if North Korea delivers more threats against the U.S.
Shortly after this announcement, North Korea said it was “carefully examining” the idea of a missile strike on Guam, a U.S. Pacific territory, Reuters reported citing the North’s state-run KCNA.