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Stocks retreat from overnight gains ahead of Federal Reserve announcements

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Futures retreated after strong overnight gains in response to a huge rate hike late yesterday by Turkey’s central bank. The Turkish lira rallied in response. Investors initially cheered the move, but quickly turned their attention to the Federal Reserve meeting and the highly-anticipated announcement on plans to cutback the $75-billion-a-month bond-buying program. The Fed will also announce its latest decision on interest rates. One question that has emerged is whether the Fed will continue to link interest rates with the jobless rate. In his State of the Union Address, President Obama also spoke about jobs. Of particular interest to business and investors, the President spoke about corporate tax rates and a renewed effort to close loopholes as part of an effort to boost job creation for American workers.

Some big name earnings out before the bell made some big early moves. Boeing (BA) reported quarterly results that beat analysts’ earnings and revenue estimates. However, the company forecast per share earnings and revenue for the year below analysts' estimates. Among the positives outlined in the report, higher production of the 787 Dreamliner, despite glitches, as well as stronger results in the company’s defense, space and security division despite tight defense budgets.

Dow Chemical (DOW) reported adjusted earnings this morning that beat estimates by $0.22 a share and revenue that rose 3%, also above estimates. The company also increased its dividend 15% to $0.37 a share and expanded its share-repurchase program by $3 billion to $4.5 billion.

Jet Blue (JBLU) reported profits this morning of $0.14 a share. That beat estimates by a penny while revenue climbed 14.3% from last year. Higher airfares for JetBlue helped bolster the company's revenue, though it did warn that current quarter results would be hurt by recent flight cancellations due to severe weather in recent months.

Our parent company, Yahoo (YHOO) reported adjusted earnings that beat estimates by $0.07 a share. Revenue was in line with expectations. Yahoo reported its display ad revenue fell 6% from the previous year, which was more than what analysts were expecting.

Facebook (FB) is scheduled to report earnings after the close today. The company is expected to earn $0.27 a share. Analysts expect profits and revenue to rise from last year. Investors are eager to hear what the company has to say about teen-user growth as well as the company's plans for video ads and Instagram. Since its IPO in May of 2012, Facebook shares are up 44%.