Updated from 6:51 a.m. EDT
Here are 10 things you should know for Wednesday, May 7:
1. -- U.S. stock futures slipped Wednesday ahead of congressional testimony from Federal Reserve Chairwoman Janet Yellen.
Yellen is scheduled to address the Joint Economic Committee of Congress on Wednesday at 10 a.m. EDT.
European stocks were lower while Asian stocks ended the session lower. Japan's Nikkei 225 stock index sank 2.9% to 14,033.45.
2. -- The economic calendar in the U.S. on Wednesday includes preliminary production for the first quarter at 8:30 a.m., and consumer credit for March at 3 p.m.
3. -- U.S. stocks on Tuesday closed lower as the Organization for Economic Cooperation and Development cut its global growth forecasts.
The S&P 500 fell 0.9% to finish at 1,867.72 while the Dow Jones Industrial Average slipped 0.78% to 16,401.02. The Nasdaq fell 1.38% to close at 4,080.76.
4. -- Alibaba, the Chinese e-commerce giant, filed its prospectus for an initial public offering with a $1 billion placeholder, as the Jack Ma-founded company moves toward a listing on either the New York Stock Exchange or Nasdaq later this year.
Alibaba could raise more than the $16 billion Facebook (FB) raised in its IPO in 2012, according to analysts.
Alibaba earned $3 billion in profit in the nine months ended on Dec. 31, 2013, on revenue of $5.6 billion.
In its F-1 filing on Tuesday, Alibaba said it had 231 million unique users at the end of 2013, with 136 million mobile monthly active users (MAUs), who helped generated $248 billion in gross merchandize volume for the year.
Alibaba is 24%-owned by Yahoo! (YHOO).
5. -- Tesla Motors (TSLA), the electric-car maker, is expected by Wall Street on Wednesday to report first-quarter earnings of 10 cents a share on sales of $699.1 million.
6. -- Walt Disney (DIS) fiscal second quarter earnings topped Wall Street estimates, powered by the success of wildly-successful animated movie Frozen and superhero sequel Thor: The Dark World.
Net income in the three months through March jumped 27% to $1.92 billion, or $1.08 a share, from $1.51 billion, or 83 cents, a year earlier.
Adjusted earnings were $1.11 a share; analysts were expecting 96 cents.
Revenue rose 10% to $11.65 billion, analysts expected $11.25 billion.
Disney shares rose 1.4% to $82.16 in premarket trading on Wednesday.
7. -- Groupon (GRPN), the daily deals site, said first-quarter revenue rose on increased demand but its loss for the period widened to $37.8 million, or 6 cents a share, from a year-earlier loss of $4 million, or 1 cent a share.
Adjusted earnings in the period were 1 cent a share.
Groupon issued a weak outlook for the second quarter, saying it expects revenue of between $725 million and $775 million, which is below analysts' forecasts.
The stock fell 9.2% in premarket trading to $6.10.
8. -- Twitter (TWTR) shares fell more than 17.5% to an all-time low of $31.72 on Tuesday as a post-IPO lock-up period preventing employees and early investors from selling expired on Tuesday.
In premarket trading on Wednesday, Twitter shares rose 0.06%.
The engineering company will eliminate the four broad sectors overseeing its businesses, and will trim those business divisions to nine from 16.
The revamp comes as Siemens is considering making an offer for the power generating business of France's Alstom, which has already received an offer from General Electric.
10. -- First Solar (FSLR), the largest U.S. solar company, said Tuesday first-quarter earnings nearly doubled after it started receiving revenue from a project in California.
The stock rose 3.5% in premarket trading on Wednesday to $69.84.
-- Written by Joseph Woelfel