Stock futures are near flat Wednesday morning as investors gear up for incoming inflation data.

Dow Jones Industrial Average futures dipped 15 points, sitting near the flatline. S&P 500 futures and Nasdaq 100 futures ticked higher by 0.09% and 0.19% each.

Traders are awaiting November's consumer price index reading due in the morning. Economists polled by Dow Jones are expecting the inflation gauge, which tracks a basket of goods and services, to rise 0.3% from October and 2.7% compared with a year ago. Excluding volatile food and energy prices, the so-called core CPI is slated to increase 0.3% on the month and 3.3% from 12 months earlier.

That comes ahead of the producer price index report expected later in the week. Those are two of the last major economic data releases anticipated before the Federal Reserve's policy meeting next week. Fed funds futures are pricing in a more than 85% likelihood that the central bank lowers interest rates at that gathering, according to CME's FedWatch Tool.

Tuesday night's action follows a losing day on Wall Street. It marked the second straight down day for the S&P 500 and Nasdaq Composite and fourth negative session in a row for the Dow.

Ross Mayfield, investment strategist at Baird, said Tuesday's moves showed the market is in "waiting mode" ahead of the CPI print. He added that market participants may have "a little bit of concern" about what it might show when it comes to inflation.

"You're just kind of seeing unnecessary consolidation of this momentum trade," Mayfield said. "Even though we think we're still in a bull market, there obviously needs to be periods of consolidation to kind of catch your breath."

Investors will also watch for monthly federal budget data expected on Wednesday. On the corporate earnings front, they will monitor Adobe results slated for release after the bell.

Europe stocks open lower

European stocks opened slightly lower on Wednesday as market participants awaited the release of U.S. inflation data.

The pan-European Stoxx 600 index traded down 0.2% shortly after the opening bell, with most sectors in negative territory.

— Sam Meredith

South Korea leads gains in Asia as markets trade mixed

Asia-Pacific markets were mixed Wednesday, with South Korea the notable outlier as the country continued to grapple with political turmoil.

The blue-chip Kospi jumped 1.02% and finished at 2,442.51 and the small-cap Kosdaq rose 2.17% to 675.92, as the country's corruption investigation office for high-ranking officials reportedly said it would seek the detention and arrest of President Yoon Suk Yeol if conditions are met.

That comes after media reports emerged that police had raided the presidential office as part of an investigation into Yoon's brief imposition of martial law.

Separately, China is reportedly kicking off its annual economic work conference on Wednesday to outline its economic policies and growth targets for next year.

Hong Kong's Hang Seng index reversed gains to trade 0.76% lower in its final hour of trade, while mainland China's CSI 300 index was 0.17% down and closed at 3,988.83.

— Lim Hui Jie

Investors await inflation data

Market participants are gearing up for closely followed inflation data due Wednesday morning.

Economists polled by Dow Jones anticipate the inflation gauge will rise 0.3% from October and 2.7% compared with a year ago. Excluding volatile food and energy prices, the "core" CPI is expected to increase 0.3% on the month and 3.3% from 12 months earlier.

Read more about what to expect here.

— Alex Harring

See the stocks moving after hours

Here are some stocks moving in extended trading:

• General Motors — Shares of the automotive giant popped nearly 3% after General Motors said it would no longer fund robotaxi development by self-driving car company Cruise.
• GE Vernova — The energy equipment company slid 3% after providing full-year revenue guidance for both the 2024 and 2025 fiscal years that was weaker than expected by analysts polled by FactSet.

See the full list here.

— Alex Harring

Stock futures are little changed

Futures tied to the Dow, S&P 500 and Nasdaq 100 all traded about 0.1% higher shortly after 6 p.m. ET.

— Alex Harring