Dow futures gain slightly after the three major averages notched a

European stocks were mixed on Wednesday, continuing the cautious regional trend this week.

The pan-European Stoxx 600 slipped 0.2% in early trade, with autos falling 1.5% while tech stocks gained 1.2%.

It’s a busy day for earnings in Europe, with Commerzbank, SocGen, BMW, Banco BPM, Siemens Healthineers, Veolia and Wolters Kluwer among the companies reporting before the bell.

Shares of Czech cybersecurity firm Avast soared 42% after the U.K.’s competition regulator provisionally cleared its $8.6 billion sale to U.S. peer NortonLifeLock.

Despite the “parade of Fed speakers,” that’s not what investors should focus on, according to Art Hogan, chief market strategist at B. Riley Financial.

“I think that investors have to pay more attention to what the data is telling us than what every individual Fed speaker, whether they’re a voter or not, has to say about what our expectations should be,” Hogan told CNBC’s “Squawk Box Asia.”

Still, he said Fed officials have been able to shift expectations for where Fed policy is heading.

St. Louis Federal Reserve President James Bullard on Tuesday said the central bank will need to keep hiking rates, and the Fed funds rate likely will have to go to 3.75%-4% by the end of 2022. San Francisco Fed President Mary Daly said “our work is far from done” in fighting inflation, while Chicago Fed President Charles Evans said another large rate hike is possible, though he hopes it can be avoided.

After last week’s meeting, some expected the Fed would continue hiking to reach 3.25%-3.5% before pivoting in 2023, Hogan said.

“I think the parade of Fed speakers this week has done a pretty good job of pulling that back, tamping down those expectations,” he said.

— Abigail Ng

A slowdown could be on the horizon, and more earnings downgrades ahead have been predicted. If inflation also peaks, as some analysts expect it to, that mix of factors will favor one class of stocks, Jefferies says.

Jefferies produced a screen of such stocks that investors can buy, based on a list of metrics which include high profitability, reasonable valuations and good cashflows. Pro subscribers can read the story here.

— Weizhen Tan

PayPal shares soared by more than 11% after hours. The payments company beat analysts’ earnings and revenue estimates for the second quarter and issued upbeat full-year guidance. PayPal also announced a $15 billion share repurchasing program.

Stock buybacks provide a way for companies to boost their per-share earnings and enhance the value of their stock, particularly while the market across the board suffers steep price declines this year. The company kicked off a $10 billion program four years ago.

Elliott Management said it has a $2 billion stake in the payments giant. PayPal…