Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1) Stocks Sitting at Record Levels
US stock futures are kicking around the record levels set Tuesday. European markets are mixed in early trading, while Asian markets saw few major moves.
The main index in Shanghai slipped 0.6%, despite a slightly better than expected early reading of Chinese manufacturing activity. Investors continue to worry about prospects for the world's second largest economy.
"Despite today's better-than-expected [manufacturing] reading, economic momentum remains subdued," explained Julian Evans-Pritchard, a China economist at Capital Economics.
2) Keeping an Eye on the Fed
Federal Reserve chair Janet Yellen will continue to testify before Congress. This time she's speaking in front of the House. She gave a mostly upbeat report about the economy to the Senate on Tuesday, which gave markets a boost.
3) HSBC in the Spotlight
Watch trading in HSBC (HSBC) as the banking giant's chairman and CEO are both expected to speak before members of the U.K. parliament about the company's latest Swiss tax scandal.
A report was published this month saying the bank concealed $100 billion in Swiss accounts and helped clients avoid paying taxes.
Swiss authorities responded by launching a criminal investigation into alleged "aggravated money laundering" at the bank.
4) Earnings and Economics
Campbell Soup (CPB), SodaStream (SODA), and Target (TGT) are among the companies reporting earnings before the opening bell.
Salesforce.com (CRM, Tech30) and L Brands (LB), which owns Victoria's Secret and Bath & Body Works, will report after the close.
On the economic front, the US Census Bureau will report data on January sales of new homes at 10am ET.
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