Here are the most important things to know about Wednesday before you hit the door.
1. CVS set to report
CVS Health will report fourth quarter earnings before the bell on Wednesday. Analysts polled by FactSet are expecting the health care and retail pharmacy company to report earnings per share of $1.68 on revenue of $63.9 billion. In the same quarter a year prior, CVS earned $2.14 per share on revenue of $54.4 billion.
Mizuho Securities said it will be looking for reiteration of CVS's 2020 retail operating profit growth guidance of low-single digits, as well as progress on the HealthHUB program.
Shares of CVS have rallied nearly 25% in the last six months.
2. Cisco earnings
Networking hardware company Cisco Systems will report fiscal second quarter earnings after the bell on Wednesday. Analysts polled by FactSet are expecting earnings of 83 cents per share on revenue of $11.974 billion. In the same quarter a year prior, Cisco earned 83 cents per share on revenue of $12.446 billion.
After management significantly lowered expectations last quarter, Piper Sandler is expecting a "typical" Cisco quarter where the company slightly beats estimates.
"The stock lacks a catalyst and will remain pressured by the cyclical slowdown," Piper Sandler senior research analyst James Fish said in a note to clients.
Shares of Cisco Systems are down more than 6% in the past six months.
3. Powell on the Hill day 2
Federal Reserve Chairman Jerome Powell will appear before Congress for his second day of testimony on Wednesday.
Comments by Powell Tuesday affirmed the view that the central bank is unlikely to change interest rates in the near term. The Fed is "closely monitoring" the coronavirus, its impact on China and the effect that it could have on global economic growth, Powell said to the Senate banking committee.
On Tuesday, Powell was asked about climate change, minimum wage and even about his attendance at a party at Amazon CEO Jeff Bezos's home.
Major events (all times ET):
8:30 a.m. Philadelphia Fed President Patrick Harker
10:00 a.m. Powell testifies before Senate banking committee
2:00 p.m. Federal budget
4:30 p.m. Dallas Fed President Robert Kaplan
Major earnings:
CVS Health (before the bell)
CME Group (before the bell)
Softbank (before the bell)
Teva Pharma (before the bell)
Cisco Systems (after the bell)
TripAdvisor (after the bell)
MGM Resorts (after the bell)
Applied Materials (after the bell)