Wednesday's Trading: 5 things to know

Here are the key events taking place on Wednesday that could impact trading.

A key inflation report will take center stage Wednesday morning.

CONSUMER PRICES: The Bureau of Labor Statistics is expected to say the consumer price index rose 1.1% month-over-month in June. That’s up from a 1.0% increase in May, but below a 1.2% spike in March. On a year-over-year basis watch for prices to soar 8.8% in June, a new four-decade high and up from May’s annual gain of 8.6% which was the highest since December 1981. 

CORE PRICES: If you factor out volatile food and energy costs, core consumer prices are anticipated to rise 0.6% for the third consecutive month. Annually, core CPI is forecast to rise 5.7% in June, down from 6.0% in May and the third straight month of slower year-over-year growth after March’s 6.5% spike.

CONSUMERS BRACE FOR SKY-HIGH INFLATION IN WORRYING SIGN FOR FED

OIL INVENTORIES: The Department of Energy will release its weekly report. Crude stockpiles are expected to fall by 154,000 barrels, following a massive surprise build of more than 8 million barrels the previous week. Watch for a build of almost 1.6 million barrels in distillate supplies (heating oil, diesel fuel), and a draw of around a 360,000 barrels in gasoline inventories. 

ENERGY EXPERT WARNS 'TIGHT' GLOBAL OIL MARKET IS 'GETTING WORSE'

GOOGLE: Alphabet's Google will slow hiring for the rest of the year, Chief Executive Sundar Pichai told employees. In an email sent to employees on Tuesday, Mr. Pichai said Google would be "slowing the pace of hiring for the rest of the year, while still supporting our most important opportunities," according to the Wall Street Journal. Google hired about 10,000 new employees in the second quarter and more who are committed to start this quarter, he added.

WELLS FARGO & CO.: The bank won the dismissal of one lawsuit and much of a second accusing the bank of failing to monitor toxic mortgage-backed securities that were a major cause of the 2008 global financial crisis.

FOUR LARGE US BANKS INCREASE DIVIDENDS FOLLOWING ANNUAL STRESS TESTS

A judge dismissed a lawsuit by investors led by Ireland's Phoenix Light SF Ltd, saying legal issues that they raised had been resolved in earlier litigation. The judge also said Commerzbank was barred from pursuing many claims against San Francisco-based Wells Fargo because the German lender lacked standing or sued too late.

The lawsuits sought hundreds of millions of dollars in damages over Wells Fargo's role as a loan trustee.