The market pulled back Wednesday. After 4 pm EST, the $S&P 500 Index (.SPX.US)$ was down 1.39%, while the $Nasdaq Composite Index (.IXIC.US)$ slumped 2.7%. The    $Dow Jones Industrial Average (.DJI.US)$ fared better, rising 0.59%.

Overall 4400 equities advanced, while 7105 declined.

This week will be a light one for macroeconomic news, with many Federal Reserve speakers and Initial Jobless claims on Thursday. Wednesday, investors will watch for comments from Federal Reserve Governor Waller.

Federal Reserve Governor Adriana D. Kugler said Tuesday she anticipates "it will be appropriate to begin easing monetary policy later this year" if economic conditions continue to evolve in a favorable manner with more rapid disinflation and employment softens while remaining resilient. She addressed the National Association for Business Economics Foundation in Washington.

"If the labor market cools too much and unemployment continues to increase and is driven by layoffs, I would see it as appropriate to cut rates sooner rather than later," Kugler said. "Alternatively, if incoming data do not provide confidence that inflation is moving sustainably toward 2 percent, it may be appropriate to hold rates steady for a little longer."

Federal Reserve President Jerome Powell spoke Monday, saying the Fed would likely lower rates before inflation to 2%.

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