Tomorrow's Headliners: Target, Fed Minutes

Remarks from Treasury Secretary Timothy Geithner on the Troubled Asset Relief Program, or TARP, will be in focus Wednesday, as well as quarterly earnings reports from several retailers, including Target (TGT Quote).

At 9:30 a.m. EDT, the head of the Treasury is set to appear before the Senate Banking Committee, where he will offer his comments on oversight of the TARP. When he appeared before a Congressional Oversight Panel late last month, Geithner said the government's $700 billion bailout fund has at least $109.6 billion in resources left, and at the time he anticipated that $25 billion will be paid back by borrowers.

Since that time, the government released the results of its stress tests for 19 major U.S. financial institutions, and several banks have sold assets and conducted secondary offerings in an effort to pay the government back. On Tuesday, it was reported that Goldman Sachs (GS Quote), Morgan Stanley (MS Quote) and JPMorgan Chase (JPM Quote) have sought approval to pay back a combined $45 million in borrowed money.

Ahead of Wednesday's opening bell, Target will release first-quarter earnings results. On average, the retailer is expected to notch a profit of 59 cents a share, which is about 20% below year-ago results, on revenue of $14.8 billion, according to a poll of analysts by Thomson Reuters.

When Target reported April same-store sales earlier this month, which rose 0.3%, the retailer upped its earnings forecast for the first quarter, saying that earnings will be "well above" the average Thomson Reuters estimate at the time of 52 cents a share.