5 things to know before the stock market opens on Wednesday

Happy Wednesday. President Donald Trump is scheduled to hold his own press conference at the G7 summit this morning, before hearing from Federal Reserve Chairman Kevin Warsh in a post-decision press conference this afternoon.

S&P 500 futures were little changed this morning as the index declined.

Here are five important things investors need to know to start their trading day.

The Fed will announce its latest policy decision at 2 p.m. today, the first under Chairman Kevin Warsh’s leadership. The central bank is widely expected to keep interest rates on hold, but that doesn’t mean there won’t be other changes.

As CNBC’s Jeff Cox reports, Fed watchers don’t expect Warsh to participate in the central bank’s “dot plot,” which provides quarterly updates on how Fed officials see interest rates moving. There can be many reasons. Warsh doesn’t approve of Dotplot, but he may simply feel unprepared after taking over from Jerome Powell late last month. If Mr. Warsh does not submit a “dot,” it would be a departure from a practice that has been in place for 14 years.

Follow live updates on the Fed meeting here.

Carvana is starting to introduce new cars, but that doesn’t mean it will follow the typical dealer roadmap.

As CNBC’s Michael Weiland reported, the online used car retailer plans to use its franchised dealerships as service centers and “playgrounds” where customers can try out cars they want to buy on its online platform. If successful, Carvana’s approach, detailed publicly for the first time this week, could shake up the entire U.S. franchise-dealer model.

Elsewhere in the automotive industry: Rivian Yesterday, it announced it would cut hundreds of employees. The layoffs affect less than 2% of the EV maker’s workforce and come a week after the company began deliveries of its new R2 SUV.

According to , consumers are hooked on their smartphone screens. snap“People are ready to think differently about computing,” CEO Evan Spiegel told CNBC yesterday. To test it out, social media companies are launching augmented reality glasses.

Spiegel on Tuesday announced Specs, Snap’s first AR device aimed at consumers rather than developers. Lighter and with a larger display than previous versions, the glasses cost $2,195 with a $200 deposit.

Spiegel told CNBC that more people are “actually questioning their relationship with screens.” But investors don’t seem to be sold, with Snap stock down more than 9% in yesterday’s trading after its debut.

An affordable housing bill that would cap the number of single-family homes big investors can buy is moving quickly through Congress. The bill is expected to be signed into law by the end of this month after key lawmakers reached an agreement yesterday.

Senate Majority Leader John Thune, R-S.D., said Tuesday that the bill could pass the floor as early as this week. Meanwhile, Sen. Elizabeth Warren of Massachusetts told CNBC that the bill is “historic” as it would limit the growth of private equity.

The bill would limit the number of single-family homes large investors can buy to 350 units, but it does not include a provision that would force investors to sell the housing units they build within seven years.

A startup has partnered with CME Group to launch what could be the first futures contract tied to AI’s computational needs. Take a look at the burgeoning futures market for this type of power.

—CNBC’s Jeff Cox, Sean Conlon, Hugh Leask, Spencer Kimball, Kai Nicole-Schwartz, Annie Palmer, Oliver Rennick, Michael Wayland, Michelle Luhn, Jonathan Vanian, Emily Wilkins and Yun Li contributed to this report.

CJ Haddad helped produce this newsletter. Josephine Rozzelle edited this version.