• The Fed released minutes from its latest meeting.
• Oil prices rose as tensions remain high in the Red Sea.
• Xerox plans to cut 15% of its workforce.

Here are the most important news items that investors need to start their trading day:

1. New year, new markets

So far the new year hasn't been kind to the markets. The Nasdaq Composite fell 1.18% on Wednesday, the second trading session of 2024, building on its worst daily performance in months. Investors appeared to be selling last year's tech winners with Apple, Nvidia, Tesla and Meta all seeing losses. The S&P 500 and the Dow Jones Industrial Average also saw slight declines for the day. Meanwhile, the 10-year Treasury yield briefly topped the 4% mark on Wednesday. Follow live market updates.

2. Waiting on economy to evolve

The Federal Reserve indicated that it's still not quite ready to cut rates. The Fed seems to think interest rate cuts are likely in 2024, but it's not sure when that might happen. The Fed on Wednesday released minutes from its latest meeting, when it held the benchmark rate steady in a range between 5.25% and 5.5%. Members at that meeting also indicated that they expect three quarter-percentage-point cuts by the end of 2024, noting that inflation concerns have subsided. But they struck a cautious tone in the minutes, with several members saying rates might need to stay high if the right conditions don't come to fruition. Wednesday's release noted an "unusually elevated degree of uncertainty" about the policy path and said future decisions would depend on "how the economy evolves."

3. Kicking it up a gear

General Motors just had its best year for vehicle sales since 2019. The automaker reported Wednesday that it sold 2.6 million vehicles in 2023 — good for a 14.1% increase over 2022. That puts the company on track with overall industry expectations. Still, GM's electric vehicle sales for the year were disappointing. EVs made up only 2.9% of the company's total sales last year, and most of those were for now-discontinued Chevrolet Bolt models. The automaker said it will bump up its EV production for 2024 and offer $7,500 in incentives for any models that no longer meet requirements for $7,500 in federal tax credits.

4. Oil prices

Oil prices rose more than 3% Wednesday as tensions remain high in the Red Sea. The United States warned Houthi militants, who are backed by Iran and located in Yemen, to stop attacking vessels in the area. To avoid the possibility of conflict, carriers have already diverted more than $200 billion in trade from the Red Sea. Also affecting oil prices, Reuters reported that protests in Libya have shut down the Sharara oilfield, which produces 300,000 barrels per day.

5. Xerox cuts

Xerox plans to cut 15% of its workforce this quarter. A previous SEC filing said the company had 20,500 employees, which means the layoffs would affect about 3,075 employees. Xerox — the digital printing and document management technology company that became so ubiquitous its name is still used as a verb — also said it was planning to implement a new organizational structure and operating model. That includes redesigning its executive team and simplifying its products. Xerox stock fell more than 12% Wednesday after the announcement.

— CNBC's Lisa Kailai Han, Jeff Cox, Michael Wayland, Spencer Kimball, Lori Ann LaRocco and Ashley Capoot contributed to this report.

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