Janet Yellen's appearance on Capitol Hill is the main item on
Scheduled for 10 a.m. ET, it will be her first congressional
appearance since since she ascended to chair of the Federal Reserve
earlier this month. Traders will mostly be listening for clues
about plans to alter or maintain the pace of monetary stimulus.
Wholesale inventories, a relatively minor report, is also released
at 10 a.m. ET. Economists expect a gain of 0.6 percent for
December, up from 0.5 percent in the previous month.
There are also several earnings reports on tap. Big names before
the opening bell include CVS Caremark, Ingersoll Rand, Mosaic,
Marsh & McLennan, and Regeneron. Western Union, TripAdvisor,
DaVita, and Fossil follow in the afternoon.
Deere and Owens Corning are among the notable companies Wednesday
morning, but the most important releases follow after the closing
bell: Technology heavyweights Cisco Systems, Applied Materials,
Nvidia, NetApp, and SunPower. CBS, Mondelez Foods, Whole Foods
Market, and MetLife also report tomorrow afternoon. The only
economic events in the session are European industrial production
and weekly mortgage applications.
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