Stock futures are higher to start Wednesday's trading session. Earnings continue to come in, with Facebook leading the way tonight. Facebook sits near record highs, much like Netflix did last week heading into its report.
On May 22nd, Fed Chair Janet Yellen explicitly stated that an interest rate hike at some point this year is appropriate. Since then, the majority of good economic reports have led to market selloffs and most of the bad ones have led to market rallies (oddly enough). Investors are itching to see if that means there will be a rate hike in June, September, or December. Meanwhile, they are doing everything they can to squeeze the last breath out of this bull market, as they expect the market to collapse as soon as the first hike occurs.