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Consumer inflation data, housing starts and Goldman Sachs earnings are released Wednesday, but for markets it's falling oil prices that could have more impact.

Crude choked off a stock market rally Tuesday, when futures reversed course during the trading day. West Texas Intermediate oil futures ended down more than 3 percent at $28.46 per barrel.

U.S. stocks initially followed the lead of global equities markets early in the day and rallied hard on Chinese economic reports. gains peaked at 180 points, but the rally fizzled with falling oil, and the index ended up just 27 at 16,016. rose 1 point to 1,881, after hitting upside resistance at 1,901, and retesting support at 1,867, last year's low.