Futures tied to the Dow Jones Industrial Average were little changed, while S&P 500 futures and Nasdaq-100 futures slipped slightly.
The cautious start came after all three major US indexes ended lower in the previous session.
Treasury yields remain high
Treasury yields eased slightly on Wednesday after surging in the previous session.
The 30-year Treasury yield had climbed to its highest level since June 2002 on Tuesday, while the 10-year yield rose to a fresh 2007 high near 5.3%.
Higher yields can put pressure on stocks by making bonds more attractive and raising borrowing costs for companies.
The Dow fell more than 100 points on Tuesday, while the S&P 500 and Nasdaq Composite declined 0.2% and 0.1%, respectively.
Investors await PCE inflation data
Markets are now waiting for the August reading of the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation.
Economists surveyed by Dow Jones expect the index to rise 0.3% month-on-month, taking the annual inflation rate to 3.7%.
Meanwhile, traders have reduced their expectations of a rate hike at the Federal Reserve’s next meeting.
The CME Group’s FedWatch tool showed a 49% probability of a quarter-point rate hike next month, down from 71% on Monday.
European markets
European stocks traded mostly higher in morning trading.
The pan-European Stoxx 600 rose 0.1%. The UK’s FTSE 100 and Italy’s FTSE MIB gained 0.76% each, while Germany’s DAX advanced 0.63% and France’s CAC 40 added 0.23%.
Asian markets
Asian markets were mixed.
Japan’s Nikkei 225 gained 1.94%, while South Korea’s Kospi fell 0.48%.
Australia’s S&P/ASX 200 rose 0.92%, while mainland China’s CSI 300 ended 0.29% higher.