Updated from 8:11 a.m. EDT

(At 4:10 p.m. EDT)

Intel Beats Estimates, Trades Lower

Chipmaker and Dow component Intel ( INTC) was the marquee name reporting earnings after Tuesday's close. The company notched a first-quarter profit of 11 cents a share on $7.14 billion in revenue. On average, analysts were expecting a profit of 3 cents a share on revenue of $6.99 billion, according to Thomson Reuters.

While those numbers were better than expected, Intel shares traded 4.5% lower in the after-hours session as the company said it would not provide a revenue outlook for the second quarter. Intel also said that gross margin percentage in the second quarter will be in the mid-40s.

Gross margin, a key metric for Intel, was 45.6% in the first quarter, down from 53.8% in the year-ago quarter and 53.1% sequentially.

Economic Data Rush

The economic calendar will likely garner the most attention Wednesday, with a flurry of reports expected to hit before the start of trading. At 8:30 a.m. EDT, the Labor Department will post the March read on its consumer price index, which is expected to show an increase of 0.1%. The core CPI number, which excludes food and energy, should rise 0.1%.

Inflation has been a hot topic lately amid worries that an economic rebound will lead to inflation, courtesy of all the liquidity the Federal Reserve has pumped into the system. While Fed Chairman Ben Bernanke said Tuesday that the central bank would carefully monitor the situation, investors' fears will be put at ease if tomorrow's CPI report shows that inflation is indeed under control.

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