Updated from 7:11 a.m.

NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, May 13:

1. -- U.S. stock futures were rising after a down day in the markets and despite a bond selloff.

European stocks rebounded on Wednesday, as eurozone growth gathered pace in the first quarter and as investors toasted strong earnings from companies including brewer SABMiller (SBMRY) and packaging and paper producer Mondi (MONDY).

Asian stocks were mixed, as Hong Kong's Hang Seng fell and Japan's Nikkei rose.

2. -- The economic calendar in the U.S. on Wednesday includes the Mortgage Bankers' Association mortgage application data at 7 a.m., retail sales numbers at 8:30 a.m., import and export prices at 8:30 a.m., the Atlanta Fed Business Inflation Expectations survey at 10 a.m., business inventory numbers at 10 a.m., and the Energy Information Administration petroleum status report at 10:30 a.m.

3. -- U.S. stocks on Tuesday sank, pressured by a continued selloff of government bonds.

The Dow Jones Industrial Average (DIA) dipped 0.2% to 18,068.23. The S&P 500 (SPY) declined 0.3% to 2,099.12. The Nasdaq (QQQ) sank 0.35% to 4,976.19.

4. -- General Electric (GE) will be selling its $5 billion Japanese commercial finance division. The move is part of GE's larger plan to divest itself of GE Capital, its financial arm. The sale of GE Capital's $500 billion in assets will allow the conglomerate to escape regulatory restrictions and its label (and obligations) as "too big to fail."

In premarket trading, GE stock was rising by 0.41%.

5. -- The buyout of AOL (AOL) by Verizon (VZ) for $4.4 billion was widely debated in the media. Some looked back at AOL's history, especially its ill-fated merger with Time Warner (TWX) in 2001. Others looked at Verizon's plans for AOL's data and its mobile services like video and advertising. AOL's Tim Armstrong also was a subject for scrutiny.

The buyout is scheduled to be completed this summer.

In premarket trading, Verizon stock was rising by 0.34%. AOL stock was up 0.08%, after rising 18.6% in Tuesday trading.

6. -- When the Energy Information Administration releases its petroleum status report Wednesday at 10 a.m., it is expected to show that U.S. oil stockpiles fell after months of accumulation to historic-high levels, the American Petroleum Institute predicted on Tuesday. The global supply of oil is likely still rising, even though oil prices thus far have rebounded 40% from six-year lows.

Brent crude oil was trading above $67 a barrel, and West Texas Intermediate crude oil was more than $61 a barrel.

7. -- Moody's Investors Service cut its bond rating for the city of Chicago to junk. Chicago now joins Detroit as the only two large American cities with junk bond ratings.

Moody's downgraded Chicago after the Illinois Supreme Court ruled that the state's 2013 pension reform law was unconstitutional. Chicago's borrowing costs will now increase, and the city may be forced to raise taxes to pay its obligations.

8. -- Tighter mortgage lending standards seem to have kept U.S. debt levels in check, according to household debt numbers from the Federal Reserve Bank of New York. Mortgage balances were almost level, while spending on auto loans and student loans increased more markedly.

Total U.S. household borrowing was at $11.85 trillion, still below the 2008 high point of $12.68 trillion, not adjusted for inflation.

9. -- The bond market has been in the midst of a selloff. Rates are rising as a result. Expectations for the U.S. economy seem to be shaky, and bond investors haven't liked what they've seen.

Thus far, $450 billion in global bond value has been erased in this selloff in recent weeks.

10. -- On the earnings calendar, Cisco Systems (CSCO) and Shake Shack (SHAK) report after the market close.

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