Wednesday is Bernanke's second day of testimony before Congress. The economic calendar also includes housing starts and building permits for June at 8:30 a.m. EDT, and the release of the Fed's latest Beige Book report on economic conditions in June at 2 p.m.
Bank of America ( BAC) reports second-quarter earnings Wednesday before the bell and analysts expect the Charlotte, N.C.-based banking giant to report a profit of 14 cents a share in the June-ended period on revenue of $22.87 billion. American Express ( AXP), like Bank of America a component of the Dow, is expected by analysts Wednesday to post profit of $1.09 a share in the second quarter on revenue of $8.09 billion, up from year-earlier earnings of $1.07 a share on revenue of $7.62 billion.
Yahoo! ( YHOO) posted quarterly earnings Tuesday that topped expectations, but revenue came in a bit light. New Yahoo! CEO Marissa Mayer wasn't on the Internet company's earnings conference call. Investors would have liked to hear from her because as BusinessInsider noted in a story on Tuesday, there are two views of the former Google vice president in the industry.
IBM ( IBM), the world's largest technology-services company, is expected by analysts Wednesday to post second-quarter earnings of $3.43 a share on revenue of $26.34 billion. IBM has a "fantastic" long-term global expansion strategy, according to John Mylant in a story Wednesday in Seeking Alpha. IBM is well-positioned to expand in China, said Mylant.
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