Stock Futures Dip After Retail Sales Decline

July crude oil futures were down 5 cents at $83.27 a barrel. August gold futures were down 70 cents to $1,613.10 an ounce.

In corporate news, JPMorgan Chase(JPM) CEO Jamie Dimon is scheduled Wednesday to testify before the Senate's Banking Committee about the $2 billion trading loss the bank incurred from credit derivative hedging within its synthetic portfolio.

The hearing, which carries the title A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?, is to run from 10 a.m. to 12 p.m. EDT.

Reports said Dimon is expected to argue that the loss should be viewed as an isolated event."

Shares of JPMorgan ticked down 2 cents, or 0.06%, to $33.75 in premarket trading Wednesday.

Dell(DELL) , the PC maker, announced plans on Tuesday to start paying dividends. The annual dividend is 32 cents a share. Dell will make its first quarterly payment of 8 cents a share in the third quarter.

Based on Dell's Monday closing price of $11.86, the dividend yield would be 2.7%.

Dell is holding its annual analyst meeting on Wednesday.

Prudential(PRU) received authorization from its board for a $1 billion share buyback program that will run from July 1 through June 30, 2013.

-- Written by Andrea Tse in New York.

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