Cisco (CSCO) is a big premarket gainer, with shares rising 8% after reporting profits and sales that beat expectations after the closing bell Tuesday.
The government reported retail sales fell 0.3% in October, citing a negative impact from Superstorm Sandy. It was slightly worse than the 0.2% decline forecast by economists.
At 2 p.m. ET, the Federal Reserve will post the minutes of its policy meeting from late October.
European stocks are down and Asian markets ended higher.
Earnings reports (estimates): VIP-Vimpelcom-ADR ($0.31), TYC-Tyco (0.36), NTAP-Netapp (0.48), SPLS-Staples (0.45), PETM-Petsmart (0.63), NTES-Netease (1.15), WSM-Williams-Sonoma (0.45), IOC-Interoil (0.06), ANF-Abercrombie (0.60), SPB-Spectrum Brands (0.43), MANU-Manchester United (-0.06), NGL-NGL Energy (0.14).
0700 ET Weekly MBA mortgage applications, previous -5.0%, purchase sub-index -4.8%, refi sub-index -5.0%.
0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.
0830 ET Oct PPI expected +0.2% m/m and +2.6% y/y, Sep +1.1% m/m and +2.1% y/y. Oct PPI ex food and energy expected +0.1% m/m and +2.4% y/y, Sep unchanged m/m and +2.3% y/y.
0830 ET Oct retail sales expected -0.2% m/m, Sep +1.1%. Oct retail sales ex-autos expected +0.2% m/m, Sep +1.1% ex–autos. Oct retail sales ex auto and gas expected +0.4% m/m, Sep +0.9% m/m.
0830 ET NOPA monthly soybean crush report.
0855 ET Redbook weekly retailer sales.
1000 ET Sep business inventories expected +0.6%, Aug +0.6%.
1330 ET President Obama holds press conference at the White House.
1130 ET Weekly 4-week and monthly 1-year T-bill auctions.
1400 ET Fed releases minutes of the Oct 23-24 FOMC meeting.
1630 ET API weekly U.S. oil statistics.
2045 ET San Francisco Fed President John Williams speaks on the economy in at University of San Francisco.