As for Wednesday's scheduled news, JPMorgan Chase ( JPM) CEO Jamie Dimon is set to testify before the Senate's Banking Committee about the shocking $2 billion (and counting) trading loss resulting from credit derivative hedging within its synthetic portfolio.

The debacle has been a severe blow to Dimon's image as Wall Street's teflon CEO and brought mockery down on the bank's so-called fortress balance sheet strategy. The hearing is slated to run from 10 a.m.-12 p.m. ET and the stated subject: A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase? provides a pretty clear idea of what line the questioning is going to take.

Whether this blunder ends up being enough to fire a serious debate about breaking up the big banks again remains to be seen but how Dimon handles this grilling and another before a House committee next week could go a long way toward determining whether he remains in the C-suite long term. Reports late Tuesday are saying Dimon is going to argue the loss, which could ultimately run as high as $5 billion, should be viewed as an "isolated event". Good luck with that.

Meantime, it's another slow earnings day with Crown Crafts ( CRWS), Culp ( CFI), Korn/Ferry International ( KFY), and Luby's ( LUB) among the few companies opening their books.

The economic calendar picks up some of the slack with the Mortgage Bankers Association's weekly application index at 7 a.m. ET; retail sales for May at 8:30 a.m. ET; the producer price index for May at 8:30 a.m. ET; business inventories for April at 10 a.m. ET; and weekly crude inventories data at 10:30 a.m. ET.

And finally, it was a fairly busy after-hours session. Dell ( DELL) made the biggest splash. The PC maker, which is holding its annual analyst meeting on Wednesday, announced plans to start paying dividends. The company expects to kick things off with a quarterly payment of 8 cents a share starting in its fiscal third quarter.

The annual rate of 32 cents a share translates to a 2.7% yield based on Monday's closing price of $11.86. The stock was last quoted at $12.27, up 2.5%, on after-hours volume of nearly 700,000, according to Nasdaq.com.

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