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NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all up around 0.2% to 0.4%.
Here's what to watch for today:
1. Fed minutes: The Federal Reserve will post minutes from its two-day June meeting at 2 p.m. ET. Normally these are a bit of a bore, but investors will be scrutinizing them for any signs of an interest rate hike.
"That's the main issue that's going on," said Tom Beevers, chief executive officer of Stockviews.com. "The market expectations of when a rate rise is going to occur have been pulled forward."
Stocks tumbled Tuesday on concerns that interest rates could be going up sooner rather than later. The Dow lost more than 100 points, falling back below 17,000. Investors have been living with record-low interest rates for the past five years and many are uncertain how stocks will perform once the Fed begins to raise rates.
Related: Fear & Greed Index downshifts into greed
2. Stock market movers -- Alcoa up, The Container Store down: Shares in Alcoa (AA) rose after kicking off earnings season by beating analyst estimates.
"Alcoa kicked off earnings and there was quite a positive reaction to the result," said Beevers. "I think that's generated a little bit of optimism in the market, that earnings got off to a good start."
Overall, earnings for the companies in the S&P 500 are expected to be up 4.9% in the second quarter, compared with the same period last year, according to FactSet.
Shares in Gigamon (GIMO) were down again Wednesday after plunging a whopping 33% on Tuesday. The technology company had lowered its revenue guidance for the second quarter.
The Container Store (TCS) was also suffering -- down around 9% -- after reporting sluggish same-store sales.
Related: CNNMoney's Tech30
3. Next big banking fine: Citigroup (C) is reported to be close to agreeing to pay $7 billion to settle a U.S. government investigation into the sale of mortgage backed securities. The deal would include billions in help for borrowers, according to the reports. The stock moved little in early trading.
JPMorga (JPM)paid $13 billion last year to settle similar charges.
European banks have been in regulators' cross hairs more recently.
Earlier this month, French bank BNP pleaded guilty to criminal charges for breaching U.S. sanctions and will pay a record penalty of almost $9 billion. The bank violated U.S. money laundering laws by helping clients dodge sanctions on Iran, Sudan and other countries.
U.S. officials are also said to be investigating Germany's Commerzbank for sanctions violations.
4. International markets overview: The stock market in Brazil was closed for a holiday Wednesday, one day after the Brazilian national soccer team suffered a humiliating defeat to the Germans in the World Cup. But investors seemed to view the loss as a boon for Brazilian stocks. The iShares MSCI Brazil Capped ETF (EWZ), which tracks shares of several leading Brazilian companies, was up nearly 2% in early trading.
And if stocks are anything to go by, Argentina's market is up 2.2% so far this week while the Netherlands' is down 2%. The two countries face off in World Cup action later today.
European markets were mixed in afternoon trading. Asian markets lost ground as subdued China inflation data provided more evidence that the economy is struggling to pick up pace after a below-target performance in the first quarter.
First Published: July 9, 2014: 9:55 AM ET
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