The economic calendar in the U.S. Wednesday features data on productivity and unit labor costs for the first quarter at 8:30 a.m. EDT; weekly crude inventories data at 10:30 a.m.; and the release of the Federal Reserve's beige book snapshot of economic conditions for May at 2 p.m.
NASDAQ OMX Group (NDAQ - Get Report) is starting to take steps to compensate investors following the disastrous Facebook (FB - Get Report) initial public offering. The Wall Street Journal , citing sources close to the situation, said the exchange operator is going to compensate investors who took part in the Facebook IPO. The exchange's technical problems caused several problems with the offering.
Homebuilder Hovnanian (HOV - Get Report) is expected by analysts to report a fiscal second-quarter loss of 32 cents a share in the April-ended period on revenue of $299 million. Brown-Forman (BF.A - Get Report), the maker of premium alcoholic beverages, is expected by analysts Wednesday to post fiscal fourth-quarter earnings of 76 cents a share on revenue of $777.2 million.
Wisconsin Gov. Scott Walker, a Republican, survived a bitter recall vote Tuesday night and was re-elected. Walker handily beat his Democratic rival, Milwaukee Mayor Tom Barrett. The recall election was forced by unions and liberal activists after Walker forced through curbs on unions.
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