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.