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What you need to watch Wednesday

Closing Bell Exchange: S&P sets another intraday high

Stocks seem to have fallen into a slow-motion summer lull, but any number of things can wake up the market in the dog days of August.

Topping the list could be the price of oil, which has rebounded on talk of an OPEC meeting in late September. Oil in recent sessions has crossed back above $40, and West Texas Intermediate settled 25 cents lower Tuesday at $42.77 per barrel.

Big for oil — and the market — is Wednesday's Energy Information Administration inventory data at 10:30 a.m. EDT. That comes after bearish news late Tuesday from the American Petroleum Institute, which reported a large surprise build of 2 million barrels in crude stocks. Oil was trading slightly lower after the report.