After two wild days on Wall Street, investors appear to be taking a breather on Wednesday.
U.S. stock futures edged up slightly ahead of the opening bell, showing little reaction to a weak manufacturing report.
Italy continues to be a worry, as concern about political gridlock caused a big sell-off in global markets earlier this week. But Fed chairman Ben Bernanke's comments and a pair of solid economic reports on Tuesday soothed those worries, and stocks staged a big rebound.
Heading into Wednesday, investors were focused on data from the U.S. Census Bureau, showing that orders for durable goods orders dropped $11.8 billion, or 5.2%, in January. This was a steeper decline than the 3.5% decrease projected by economists surveyed by Briefing.com.
Also on Wednesday, Bernanke will be back on Capitol Hill to give testimony before the House Financial Services Committee.
Marc Chandler of Brown Brothers Harriman said that Bernanke's comments will dominate investors' attention.
"Even though his prepared remarks will be identical to yesterday's, the Q&A will be different," said Chandler. "The looming sequester and the new risks from Europe give Bernanke additional fodder for his defense of the Fed's long-term asset purchases."