US stock futures traded lower ahead of a key retail sales report and earnings reports from major retailers.
Major futures indices point to a 0.5% drop when the opening bell rings on Wall Street.
Oil prices rebounded on Wednesday, after hitting a six-month low the previous day.
West Texas Intermediate (WTI) crude futures were trading around $87.00 a barrel. Brent futures were around $92.00 a barrel.
On the economic calendar, economists polled by Refinitiv expect retail sales to rise 0.1% month-on-month, well below the stronger-than-expected 1.0% rise in June. Excluding the automobile component, spending is expected to fall by 0.1% in July, compared to an increase of 1.0% the previous month.
The retail revenue parade continues Wednesday morning, with home improvement chain Lowe’s and big-box department store chain Target. In the afternoon, the focus will be on computer networking giant and member of Dow Cisco Systems.
Asian stocks were mostly higher on Wednesday as regional markets looked to strong economic signs from the United States and China as engines of growth.
Japan’s benchmark Nikkei 225 gained 1.2%, Hong Kong’s Hang Seng gained 0.5% and China’s Shanghai Composite edged up 0.5%.
On Tuesday, the S&P 500 rose 0.2%, its third consecutive gain, adding 8.06 points to 4,305.20. The Dow gained 239.57 points, or 0.7%, to 34,152.01. The Nasdaq fell 25.50 points, or 0.2%, to 13,102.55.
Walmart jumped 5.1% after the nation’s largest retailer reported strong results that easily beat analysts’ forecasts. Home Depot rose 4.1% after also reporting better-than-expected results.