Here are the most important things to know about Wednesday before you hit the door.
Stocks took a hit on Tuesday on impeachment fears. Those fears were confirmed after the bell when House Speaker Nancy Pelosi announced a formal impeachment inquiry into President Donald Trump's July phone conversation with Ukraine President Volodymyr Zelensky and whether he asked for political help from the leader. Trump allegedly pressured the Ukrainian leader to investigate Democratic presidential hopeful and former vice president Joe Biden's family.
Stocks could be under pressure if investors believe impeachment proceedings could weigh on business and consumer confidence.
"An impeachment vote now appears to be a question of when, not if —and more than likely by the end of this week," said Cowen's policy strategist Chris Krueger in a note to clients.
Trump said he would release a "fully declassified and unredacted transcript" of the phone call on Wednesday.
After the worst monthly decline in new home sales since 2013 in July, single-family home sales were expected to rebound in August.
New home sales data for August comes out at 10 a.m. ET on Wednesday and economists are expecting 660,000 single-family homes sold, up from 635,000 in July, according to Dow Jones. After a 12.8% drop in the seasonally adjusted annual rate in July, economists are estimating a jump of 3.9% month-over-month in August.
A jump in new homes sales could soothe the slowing economy concerns, reflecting that lower mortgage rates are helping demand. The much-watched S&P CoreLogic Case-Shiller U.S. National Home Price Index released Tuesday rose 3.2% annually for July.
Home-builder KB Home is set to report earnings after the bell Wednesday. The company's stock is up more than 65% this year.
Markets, which are struggling to regain highs with the latest political turmoil, will have their eyes on the several Federal Reserve members that are set to speak on Wednesday.
Last week, the Federal Reserve lowered interest rates for the second time since the financial crisis. However, if last week's FOMC showed anything it was how divided the Fed board really is. Cleveland Fed President Esther George, one of the three members who opposed the cut last week, will be speaking at 10 a.m. Wednesday. Chicago Fed President Charles Evans and Dallas Fed President Robert Kaplan will also speak on Wednesday.
Major events (all times ET):
8:30 a.m. weekly claims
8:30 a.m. Real GDP Q2 (third)
8:30 a.m. Advance economic indicators
9:30 a.m. Dallas Fed's Kaplan
10:00 a.m. St. Louis Fed's Bullard
10:00 a.m. Pending home sales
11:45 a.m. Fed Vice Chairman Richard Clarida
11:45 a.m. San Francisco Fed's Daly
1:00 p.m. $32 billion 7-year note auction
2:00 p.m. Minneapolis Fed President Neel Kashkari
4:30 p.m. Richmond Fed President Tom Barkin
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