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NEW YORK (CNNMoney)
Investors will pay close attention to the Federal Reserve chair when she heads to Capitol Hill to answer questions about the health of America's economy. Yellen's script is likely to mirror the Fed's statement last week when it decided to dial back its bond-buying program by an additional $10 billion. But she has surprised markets before.
"The market is positioning itself for (more) dovish comments [from Yellen]. That means that we would get a bigger reaction in both bond and [currency] markets to relatively hawkish comments, but it is hard to imagine those happening," said Societe Generale strategist Kit Juckes.
Chinese tech behemoth Alibaba filed paperwork on Tuesday that sets the stage for what could be the biggest initial public offering in U.S. history. Yahoo (YHOO, Fortune 500) owns a 24% stake in Alibaba and will profit nicely after the IPO is complete. Shares in the U.S. tech company jumped by 2% ahead of the opening bell.
Aside from Yahoo, U.S. stock futures were relatively flat Wednesday, though there was a slight negative bias in the markets.
Related: It's the Janet Yellen show
In corporate news, AOL (AOL) and beer maker Molson Coors (TAP) will report earnings before the opening bell. Tesla (TSLA) and SolarCity (SCTY) will report after the close. Shares in Anheuser-Busch InBev (BUD) were flat after the brewer reported lower than expected profits.
Related: Fear & Greed Index
Whole Foods (WFM, Fortune 500) shares were declining by roughly 15% in premarket trading. The company posted earnings that fell short of expectations and issued a disappointing outlook on Tuesday.
Shares in Groupon (GRPN) were also moving down in extended trading after the firm reported a larger-than-expected quarterly loss.
U.S. stocks closed in the red Tuesday. The Dow Jones industrial average lost nearly 130 points and the Nasdaq fell 1.4%. The S&P 500 fell 0.9% after advancing on each previous Tuesday this year.
Related: CNNMoney's Tech30
European markets were mostly moving down in morning trading.
Asian markets all closed with losses. The Nikkei in Japan sank by nearly 3%.
First Published: May 7, 2014: 5:11 AM ET
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