Investors will be looking for further guidance on the economic toll of the virus and where the Federal Reserve's historic monetary stimulus measures stand when Fed Chairman Jerome Powell speaks at 9 a.m. ET Wednesday. "The wild card here is the Fed can always step up their purchases" of assets, hedge fund pioneer Stanley Druckenmiller said Tuesday night. However, he said the stock market is historically overvalued. "The risk-reward for equity is maybe as bad as I've seen it in my career."

2. House Democrats unveil $3 trillion coronavirus bill
The over-1,800-page bill includes nearly $1 trillion in relief for state and local governments, a second round of direct payments to Americans, about $200 billion for hazard pay for essential workers, and $75 billion for coronavirus testing and contact tracing. Democrats argue that rising Covid-19 infection rates and an unemployment rate not seen since the post-World War II era require further action by the government.

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