Wednesday:

• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:15 AM, the ADP Employment Report for April. This report is for private payrolls only (no government). The consensus is for 210,000 payroll jobs added in April, up from 191,000 in March.

• At 8:30 AM, Q1 GDP (advance estimate). This is the advance estimate of Q1 GDP from the BEA. The consensus is that real GDP increased 1.1% annualized in Q1.

• At 9:45 AM, the Chicago Purchasing Managers Index for April. The consensus is for an increase to 56.9, up from 55.9 in March.

• At 2:00 PM, the FOMC Meeting Announcement. No change in interest rates is expected (for a long time). However the FOMC is expected to reduce QE3 asset purchases by $10 billion per month at this meeting.