Yet more earnings are on tap Thursday starting with PepsiCo (PEP) and WhiteWave Foods (WWAV) before the open, then American International Group (AIG) , Activision Blizzard (ATVI) and CBS (CBS) after the close.

There are several reasons investors are interested in PepsiCo's latest report. Wall Street's estimates are $1.06 a share on revenue of $18.5 billion.  Even though both the top and bottom lines are expected to decline from a year ago, Goldman Sachs is bullish, saying the company could see some good news at its Frito-Lay and non-carbonated drinks divisions. This tailwind could offset mixed results from Latin America. For instance, Brazil heading into a recession may damp results since it's a major PepsiCo market.

Molly Henningsen, research analyst for CNBC's "Mad Money," commented on PepsiCo ahead of earnings saying, "When Pepsico reports on Thursday, the market is going to want to see improvement in their U.S. businesses -- particularly in the Frito Lay division. That segment has been under pressure recently because of a price increase, but data [show] they're seeing some recover in volumes.

"We'll also want to see if their international business is still under pressure, which may offset strong U.S. results. Currency headwinds continue to be a concern as well as general weakness in oil-dependent countries like Russia, which accounts for 8% of Pepsi's operating income."

Thursday will be light on economic reports. Pay attention to jobless claims in the morning before Fed Chief Janet Yellen goes back on Capitol Hill at 10 a.m. ET for her second day of testimony, this time before a Senate panel.

More from Investing

A BJ's Wholesale IPO Is Logical Next Step

A BJ's Wholesale IPO Is Logical Next Step

Tesla Investor Pushing for More Board Changes

Tesla Investor Pushing for More Board Changes

What You Need to Know About Facebook and Europe's New Privacy Rules

What You Need to Know About Facebook and Europe's New Privacy Rules

8 Bold Moves General Motors Could Make to Rev Up Its Battered Stock Price

8 Bold Moves General Motors Could Make to Rev Up Its Battered Stock Price

Is Your Investment Portfolio Prepared for Trade Wars, Inflation and More Trump?

Is Your Investment Portfolio Prepared for Trade Wars, Inflation and More Trump?