Stock Futures Decline Ahead of Key Inflation Data; Asia, Europe Strong

Looks like the US stock market woke up on the wrong side of the bed this Wednesday morning, as traders anxiously await an important inflation report. The S&P 500 tiptoed down 0.1%, the Dow Jones took a 0.2% tumble, and the Nasdaq decided to join the party in the red zone before the opening bell. Meanwhile, Asian and European exchanges are partying like it's 1999!

The consumer price index report for January is set to make its grand entrance at 8:30 am ET. Government data is expected to reveal that consumer inflation strutted up 0.3% last month in the US, according to a Bloomberg-compiled consensus.

Wednesday's economic calendar is busier than a squirrel in a nut factory, with the weekly mortgage applications bulletin dropping at 7 am, followed by the weekly EIA petroleum inventories report at 10:30 am.

Federal Reserve Chair Jerome Powell is gearing up for a chat with the House Financial Services Committee at 10 am. Atlanta Fed President Raphael Bostic will share his wisdom at 12 pm, and Fed Governor Christopher Waller will have the last word at 5:05 pm.

Shares of DoorDash ( DASH ) zoomed up 6.6% pre-bell as the food delivery service served Wall Street a delicious revenue surprise for the fourth quarter. Lyft ( LYFT ) took a nosedive of 13% after giving a gloomy first-quarter outlook for gross bookings. Meanwhile, Upstart ( UPST ) rocketed 28% as the AI lending platform delivered some cheerful quarterly results.

CME Group ( CME ), CVS Health ( CVS ), Dominion Energy ( D ), Kraft Heinz ( KHC ), Restaurant Brands International (QSR), Biogen (BIIB), and Lithia Motors ( LAD ) are all set to spill the beans on their latest financial results before the bell, among others. Cisco Systems ( CSCO ), Trade Desk ( TTD ), Robinhood Markets ( HOOD ), and Reddit ( RDDT ) will share their earnings stories after the markets close.

In premarket shenanigans, bitcoin hopped up 1.2% to $96,293, West Texas Intermediate crude oil slipped 1.2% to $72.44 per barrel, yields on 10-year Treasuries tiptoed up 0.2 basis points to 4.54%, and gold took a little dip of 0.8% to $2,910 an ounce.