PROVEN RESULTS

1. U.S. stocks retreated on Wednesday as investors absorbed mixed earnings from major banks and Wal-Mart's weak forecast wiped more than $20 billion off the retailer's market value.

Weak economic data from the United States and China added to worries about the health of the global economy even as investors' focus shifted to company results.

"The major theme, not only today but through the balance of the earnings season, is going to be the revisions to fourth quarter and 2016 earnings," said Bill Northey, chief investment officer of the private client group at U.S. Bank.

2. Wal-Mart Stores Inc (N:WMT) said full-year sales would be flat due to the stronger-than-anticipated impact of the dollar's strength, and that investment in technology and employees would pressure earnings next year, sending its shares down 10 percent.

Shares of the company, which also announced a $20 billion share buyback, fell to a more-than three-year low of $60.18 on Wednesday, wiping out about $21 billion in market value.

The stock was on track for its worst one-day performance in more than 17 years.

"We can deliver stronger financial performance in the short-term simply by running our core business better but that won't be enough," Chief Executive Doug McMillon said at an investor meeting in New York.

3. Oil eased further below $50 a barrel on Wednesday, falling for a third day, on concern a supply glut will persist and demand slow down as economic growth moderates in No. 2 consumer China.

Chinese growth for the third quarter is expected to fall below 7 percent for the first time since the global financial crisis. The International Energy Agency (IEA) said on Tuesday the oil market would remain oversupplied in 2016.

Brent crude was down 8 cents at $49.16 a barrel as of 1114 GMT (0714 EDT). U.S. crude was up 3 cents at $46.69.

4. The dollar remained broadly lower against the other major currencies on Wednesday, after the release of disappointing U.S. retail sales and producer price inflation data dampened optimism over the strength of the economy.

The dollar extended losses against the euro, with EUR/USD up 0.46% at 1.1432.

The U.S. Commerce Department reported on Wednesday that retail sales increased by 0.1% last month, missing expectations for a gain of 0.2%.

5.  U.S. natural gas futures rebounded from the previous session's losses on Wednesday, as market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel.

Natural gas for delivery in November on the New York Mercantile Exchange tacked on 2.2 cents, or 0.88%, to trade at $2.520 per million British thermal units during U.S. morning hours. A day earlier, natural gas declined 3.7 cents, or 1.46%.

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Gold futures jumped to a three-month high on Wednesday, after data showed retail sales in the U.S. rose less than expected in September, dampening optimism over the strength of the economy and dimming the case for higher interest rates.

Gold for December delivery on the Comex division of the New York Mercantile Exchange hit an intraday peak of $1,176.00 a troy ounce, the highest level since June 30, before trading at $1,173.20 during U.S. morning hours, up $7.80, or 0.67%. A day earlier, gold inched up 90 cents, or 0.08%.

The U.S. Commerce Department said that retail sales increased by 0.1% last month, missing expectations for a gain of 0.2%. Retail sales for August were revised down to a flat reading from a previously reported increase of 0.2%.

Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.

Core retail sales, which exclude automobile sales, declined 0.3% in September, worse than forecasts for a fall of 0.1%. Core sales in August decreased 0.1%, whose figure was revised from a previously reported gain of 0.1%.

Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.

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Earnings season started off slow, but now the quarterly reports are coming in strong and fast.

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1. Earnings season

Several corporate giants including Wells Fargo (WFC), Bank of America (BAC), Delta (DAL) and BlackRock (BLK) will post earnings before the opening bell.

Netflix (NFLX, Tech30) is reporting after markets close this afternoon.

Shares in Intel (INTC, Tech30) and JP Morgan (JPM) look set to dip at the open after the firms reported earnings on Tuesday afternoon.

Intel reported that third quarter sales were essentially unchanged compared to the same period last year, and earnings declined by about 6%. But the results still beat Wall Street expectations.

Meanwhile, JP Morgan results showed revenue slipped by 6% as it was hit by a double whammy last quarter: the Federal Reserve kept interest rates low and chaos slammed the financial markets.

2. Market overview

U.S. stock futures are holding steady, while stock markets in Europe and Asia move into negative territory.

Mike van Dulken, head of research at Accendo Markets, said you can blame the negative market mood on China, which released weak inflation data.

The U.S. dollar is weakening a bit, while the Aussie dollar is pushing up versus all major global currencies.

Yields on 10-year government bonds are dipping around the world, except in Greece and Portugal where they are inching up.

Oil prices are steady around $46.70 per barrel, and gold is rising by about 0.7% to trade around $1,174 per ounce.

3. Stock market movers

SanDisk, Micron: SanDisk (SNDK) shares are rising by nearly 10% premarket after Bloomberg reported the chipmaker could be in merger talks with Micron (MU) and Western Digital. Micron's shares were also up 3% in extended trading.

4. Economics

The Bureau of Labor Statistics will post September's producer price index at 8:30 a.m. ET. Investors watch the index for clues about where inflation is headed.

The Census Bureau's monthly retail sales report also goes out at 8:30 a.m.

At 2 p.m., Wall Street will look for the Federal Reserve's latest "Beige Book." The report outlines regional economic conditions.

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