JPMorgan Chase earnings and March retail sales could set the tone for Wednesday's markets, but traders will also be keeping an eye on oil prices.
Crude rallied hard during Tuesday's session, but gave up some gains in electronic trading when the American Petroleum Institute released its weekly report showing a large, 6.2 million barrel increase in supply. That could make the U.S. Energy Information Administration release of weekly data Wednesday an even bigger than normal event.
The 10:30 a.m. EDT release includes weekly inventory data but also U.S. production figures, hovering around 9 million barrels a day. Analysts have said the market could get a psychological boost if production falls below 9 million barrels.