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An after-the-bell earnings beat by Alcoa could bring a bit of cheer to a market Wednesday that has once more become worried about Europe’s ability to contain its debt crisis.
Fears of contagion from Europe became the latest excuse for a stock market rout that started last week, after Fed meeting minutes revealed the Fed had no plans to do further easing in the near future. The selling picked up speed Monday, after Friday’s March jobs report proved disappointing.
A flock of Fed speakers will be of interest Wednesday, as investors hold out hope for some commentary on potential monetary easing, or any new views on the economy. The most important comments, however, could come after the market close when Fed Vice Chair Janet Yellen, viewed as the closest to Fed Chairman Ben Bernanke, speaks in the 7 p.m. hour.
Otherwise, traders will be watching for headlines from the Fed’s beige book on the economy, released at 2 p.m. There are also import prices at 8:30 a.m., and importantly, the auction of $29 billion in reopened 10-year notes at 1 p.m. The 10-year yield fell through 2 percent Tuesday for the first time since March 12, as stocks sold off and investors sought the safety of bonds.
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