Here are the events that take place on Wednesday.
OIL MEETING: OPEC meets on Wednesday and may be set for a large cut in oil output.
The potential OPEC cut could spur a recovery in oil prices, which were believed to have dropped from $120 three months ago to around $90 because of fears of a global economic recession, rising U.S. interest rates and a stronger dollar, according to Reuters.
Saudi Arabia and Russia are working on cuttings in excess of 1 million barrels per day, sources told Reuters this week.
One OPEC source said on Tuesday that the cuts could amount to up to 2 million barrels a day.
ADP REPORT: The payroll processing firm released its September National Employment report.
Economists think there will be a gain of 200,000 jobs in the private sector. That would be an improvement from a disappointing 132,000 new jobs in August, which was less than half of the 288,000 estimate.
TRADE BALANCE: The monthly deficit in goods and services for July is expected to narrow for the fifth month in a row to $67.7 billion.
That would be the smallest since May 2021, and a steep reversal from $107.6 billion in March, when the deficit hit a new record in demand for imported goods and rising prices tied to inflation.
The Institute for Supply Management released its non-manufacturing PMI for September. The key indicator of services sector activity is expected to drop to 56.0. That was the highest since April in August on solid growth in new orders, despite the fact that it rose unexpectedly in August. The dividing line between an expanding and contracting services sector is 50.
OIL INVENTORIES: The DOE Energy Information Administration will release its inventory report last week. The previous week, crude stockpiles were expected to rise just over 2 million barrels, following a slight but unexpected draw of 215,000 barrels.
Expect declines in distillate heating oil, diesel fuel, and gasoline inventories to be seen as well as a result of declines of around 1.35 million barrels per day.