Updated to include earnings from Walmart and Best Buy
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Here are five things you must know for Thursday, Nov. 17:
1. -- U.S. stock futures were rising slightly Thursday after the Dow Jones Industrial Average's seven-day winning streak was snapped in the previous session. Trading was muted somewhat Thursday ahead of congressional testimony from Federal Reserve Chair Janet Yellen at 10 a.m. EST.
Yellen last testified before the Congressional Joint Economic Committee in December 2015, prior to the Fed's decision to hike interest rates for the first time in nearly a decade.
An interest rate hike next month has a high probability among Wall Street pundits, though Donald Trump's recent election win has thrown some doubt into the mix. The chances of a rate hike in December currently sit at 90%, according to CME Group fed funds futures.
Philadelphia Fed President Patrick Harker said he favored raising interest rates and that the U.S. central bank might have to hike more aggressively if the incoming Trump administration enacts a fiscal stimulus, Reuters reported.
The economic calendar in the U.S. on Thursday includes the Consumer Price Index for October at 8:30 a.m. EST, Housing Starts for October at 8:30 a.m., Weekly Jobless Claims at 8:30 a.m., and the Philadelphia Fed Business Outlook Survey for November at 8:30 a.m.
Analysts were expecting Cisco to post second-quarter adjusted earnings of 57 cents a share on revenue of $12 billion.
Weak demand from carriers was the main culprit for the disappointing guidance, wrote TheStreet's Eric Jhonsa. Cisco's service provider product orders fell 12% annually in the fiscal first quarter, a notably steeper decline than in the fourth quarter. That resulted in total product orders dropping 2% despite a 5% increase in enterprise orders and a 1% increase in commercial orders. Public sector orders were flat.
Cisco's first-quarter adjusted earnings of 61 cents a share topped analysts' estimates by 2 cents, while total revenue rose 1% year over year to $12.4 billion.
3 . -- Staples (SPLS) reported third-quarter adjusted profit of 34 cents a share, in line with analysts' estimates.
The company said it expects fourth-quarter adjusted earnings of 23 cents to 26 cents a share on sales that will decline from a year earlier.
Walmart (WMT) posted third-quarter earnings of 98 cents a share, 2 cents ahead of estimates, but revenue of $118.2 billion came in shy of forecasts.
The world's largest retailer said it expects fiscal 2017 earnings of $4.34 to $4.49 a share vs. prior expectations of $4.29 to $4.49.
The stock fell 1% in premarket trading.
Best Buy (BBY) jumped 5.7% in premarket trading after the electronics retailer earned an adjusted 62 cents a share in the third quarter, beating Wall Street estimates of 47 cents, and said it expects fourth-quarter profit above forecasts.