Here is what you need to know.
Janet Yellen testifies before the Joint Economic Committee. The committee is likely to ask questions about the potential for a December rate hike, how President-elect Donald Trump’s policies could impact the economy, and Fed independence.
The Bank of Japan unleashed a new bond-buying program. The central bank said it would buy an unlimited amount of bonds for the first time under its new policy that aims to control the shape of the Japanese yield curve.
France’s prime minister is worried about Europe. Speaking at an event in Berlin, French Prime Minister Manuel Valls said Europe is in danger of breaking apart and could fail, Reuters reports.
UK retail sales crushed estimates. Retail sales in the UK climbed 1.9% month-over-month in October, easily outpacing the 0.4% gain that economists had forecast as clothing, shoes, and textiles saw big gains. The British pound is stronger by 0.2% at 1.2470 against the dollar.
Australia's jobs report disappointed. The Australian economy added 9,800 jobs in October (+20,000 expected) as the unemployment rate held at 5.6%. The Australian dollar is down 0.2% at .7466 versus the dollar.
LinkedIn has become the first major social network blocked in Russia. Russia's communications watchdog, Roskomnadzor, has added the social network to its list of blacklisted websites, Financial Times reports.
Cisco warns next quarter will be weak. The company beat on the top and bottom lines, earning an adjusted $0.61 per share on revenue of $12.4 billion, but said revenue will fall 2% to 4% versus a year ago (+2% expected). Shares of Cisco are down almost 4% ahead of the opening bell.
Stock markets around the world trade mixed. Australia's ASX (+0.3%) led the way up overnight and Spain's IBEX (-0.6%) lags in Europe. The S&P 500 is on track to open higher by 0.3% near 2,179.
Earnings reporting remains light. Best Buy, Staples, and Walmart report ahead of the opening bell while Gap, Ross Stores, and Salesforce.com release their quarterly results after markets close.
US economic data is heavy. CPI, housing starts, initial jobless claims, and the Philly Fed will all be released at 8:30 a.m. ET. The US 10-year yield is down 3 basis points at 2.19%.