1. Trump’s tax reform ahead

On a day with no major economic data, markets seemed to be in a holding pattern while waiting for an expected tax reform announcement from U.S. President Donald Trump's administration later in the day.

Trump is expected to propose cutting the income tax rate paid by public corporations to 15% from 35%, and allowing multinationals to bring in overseas profits at a tax rate of 10% versus 35% now.

Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn are set to conduct a joint news conference at around 17:30 GMT on Wednesday from the White House Briefing Room to announce the tax plan.

2. North Korea remains in focus

The threat of a U.S. government shutdown this weekend appeared to fade after Trump backed away from a demand that Congress include funding for his planned border wall with Mexico in a spending bill.

Republicans and Democrats still have difficult issues to resolve as they face a Friday night deadline when existing money expires for many federal agencies, threatening Trump’s 100th day in office on Saturday could be marked by the government shutdown.

Also on markets’ radar, Trump invited all 100 members of the Senate to attend the session with Secretary of State Rex Tillerson, Secretary of Defense Jim Mattis, Director of National Intelligence Dan Coats and Marine General Joseph Dunford, chairman of the Joint Chiefs of Staff later on Wednesday with hopes to forge a strategy to deal with North Korea’s development of nuclear weapons and long-range ballistic missiles.

The same four officials will then go to Capitol Hill to brief the entire House at 21:00 GMT, a senior House aide said.

3. Earnings continue to flow

Just as strong blue-chip earnings boosted the Dow by more than 200 points a day earlier, they will remain in focus throughout Wednesday’s session.

In a week where no less than 190 S&P firms release their quarterly numbers, Boeing and United Technologies will be the blue-chip stars to report ahead of Wednesday’s open amid a slew of earnings throughout the day including Twitter, Pepsico, Hershey, Amgen, Buffalo Wild Wings, Dr. Pepper Snapple, Paypal, Nasdaq or State Street.

As of late Tuesday, 153 S&P companies had reported earnings with 76% beating earnings estimates and 68% topping sales forecasts, according to The Earnings Scout.

“Based on the first 31% of the companies in the S&P 500 reporting first quarter results, there is no doubt earnings-per-share growth will exceed 10% for the first time since the fourth quarter of 2014,” these experts said.

4. Oil sticks near 4-week low

Oil prices edged lower on Wednesday, staying close to the prior session's four-week trough after data overnight showed a surprise gain in U.S. crude supplies, casting doubt over OPEC's ability to cut output and tighten the market.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories unexpectedly rose by 897,000 barrels in the week ended April 21, compared to expectations for a draw of 1.3 million barrels.

The U.S. Energy Information Administration will release its official weekly oil supplies report at 14:30 GMT Wednesday.

U.S. crude oil futures dropped 0.14% to $49.49 at 09:58 GMT, while Brent oil fell 0.15% to $52.50.