In "What to Watch on Wall Street" for Wednesday, Dec. 9, several important economic reports are set to be released.

We'll begin with the Mortgage Bankers Association's weekly applications survey coming out at 7 a.m. ET, followed by the wholesale trade numbers at 10 a.m.

Then we'll get the weekly oil inventory data. The U.S. Energy Information Administration will release a report that shows the weekly change in oil supplies in the U.S. Oil prices have been suffering a sharp decline since OPEC, at its meeting last Friday, failed to reach an agreement to lower production levels. As a result, the market remains oversupplied and analysts continue to hold bearish views.

Additionally, oil futures were declining today ahead of the Federal Reserve's meeting next week. The Fed could raise interest rates, which in turn could make the dollar stronger and put pressure on oil prices, according to The Wall Street Journal.

Meanwhile, consumers are pumping away, reaping the benefits of lower gas prices.

Benjamin Stoto, director of research for CNBC's "Mad Money," said, "We're looking to see if we get another strong build in (oil) inventories. Last week saw a surprisingly strong build and it was the 10th in a row and that really put the group back in focus after we didn't get a production cut from OPEC later in the week. ... It sent oil back below $40 for the first time since August and actually down to the lowest levels since the post-financial crisis in 2009."

On the earnings front, companies that are scheduled to release their latest financial data include Lululemon Athletica (LULU - Get Report) , Vera Bradley (VRA - Get Report) , and Francesca's (FRAN - Get Report) -- all before the market opens. After the market closes we'l hear from the Men's Wearhouse (MW) and Ollie's Bargain Outlet (OLLI - Get Report) .

TheStreet's U-Jin Lee reports from Wall Street.