2. -- The economic calendar in the U.S. Wednesday includes wholesale inventories for August at 10 a.m. EDT, and minutes of the Sept. 18 meeting of the Federal Open Market Committee at 2 p.m.
3. -- U.S. stocks on Tuesday tumbled the most in six weeks on concerns the government will default on its debt obligations. The S&P 500 closed down 1.23% to 1,655.45 to extend its decline since the shutdown began to 1.1%. The Dow Jones Industrial Average slipped 1.1% to 14,776.53 while the Nasdaq lost 2% to 3,694.83.
4. -- President Obama is expected to nominate Janet Yellen as chairman of the Federal Reserve. The move would put the world's most powerful central bank in the hands of a key architect of its unprecedented stimulus program and the first female leader in its 100-year history. According to a report from Bloomberg, which cited administration officials, Obama will announce the nomination at 3 p.m. EDT Wednesday. Yellen, 67 years old, would succeed Ben Bernanke, whose term expires on Jan. 31.
5. -- Apple (AAPL - Get Report) is preparing to take the packaging off its new iPads , reportedly as early as next week. Citing people familiar with Apple's plans, AllThingsD reported Apple will hold the invite-only event next Tuesday, Oct. 22. In addition to the iPad refresh, Apple also will showcase the new Mac Pro and OS X Maverick. Apple unveiled both those products in June at its Worldwide Developers Conference.
6. -- Jos. A. Bank Clothiers (JOSB) has approached Men's Wearhouse (MW) about a combination of the two men's apparel companies , according to people familiar with the matter, The Wall Street Journal reported. It isn't clear whether the approach, made in recent weeks, will lead to a deal or what form any such tie-up would take, according to the Journal. With a market value of $1.17 billion, Jos. A. Bank is smaller than Men's Wearhouse, which has a market value of $1.68 billion.
7. -- Yum! Brands (YUM - Get Report) reported third-quarter earnings on Wednesday that came in lower than expected. Yum! Brands, which operates Taco Bell, KFC and Pizza Hut, posted net income of $152 million, or 33 cents a share, which included a non-cash charge of $258 million, or 55 cents a share, related to the write-down of Little Sheep intangible assets. Excluding the charge, earnings of 85 cents a share came in below consensus estimates of 93 cents. YUM! said worldwide system sales rose 1%. System sales in China declined 2%, while U.S. sales were flat for the quarter. Same-store sales in China dropped 11% in the quarter, were flat in the U.S. and rose 1% at its international locations, which includes emerging market locations, the company said. "Based on KFC China sales for September, it is now unlikely China Division same-store sales will be positive for the fourth quarter," the company said. "Given lower-than-expected China sales and a higher-than-expected full-year tax rate, the company now estimates a high-single to low-double-digit full-year EPS decline versus prior year, excluding special items. This compares to our previous guidance of a mid-single-digit decline in EPS."