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5 Things You Must Know Before the Market Opens Wednesday

1. -- U.S. stock futures were higher and European shares rose as investors awaited hints on the direction of monetary policy from Janet Yellen, chair of the Federal Reserve.

Yellen's prepared statement for her testimony to the House Financial Services Committee will be released at 8:30 a.m. ET. Yellen's appearance before the House Financial Services Committee begins at 10 a.m.

The purpose of Yellen's congressional testimony twice a year is to update lawmakers on the central bank's strategy for keeping the U.S. economy healthy.

Wall Street will be listening for any insight Yellen offers on when inflation may reach the Fed's 2% target and whether the unwinding of the central banks' $4.5 trillion balance sheet will interfere with the pace of interest rate hikes.

The economic calendar also includes Oil Inventories for the week ended July 7, and the Fed's "Beige Book" at 2 p.m.

2. -- Prime Day for Inc. ( AMZN) could turn out to be the biggest sales day in the internet retailer's history.

While Amazon hasn't yet disclosed sales figures for Prime Day 2017, the company said customers ordered more than three...