The main US stock measures were mostly pointing higher in Wednesday's premarket activity as traders await the latest data on wholesale prices and focus on President Donald Trump's visit to China.
The S&P 500 rose 0.3% and the Nasdaq added 0.8% before the opening bell, while the Dow Jones Industrial Average declined 0.2%. The S&P 500 and Nasdaq finished Tuesday trading in the red, while the Dow closed higher for the third consecutive session.
Last month's producer price index, a measure of wholesale prices, is scheduled to be released at 8:30 am ET. The report follows Tuesday's data that showed annual consumer inflation accelerated in April to the fastest pace in almost three years, as energy prices surged amid the near-complete closure of the Strait of Hormuz.
"The unfavorable and larger-than-expected jump in core prices shows pressures are now spreading beyond energy, transportation, and food, into larger categories such as services and housing," Scott Anderson, chief US economist at BMO, said in a report. "If the energy price shock doesn't subside soon, we can expect more of the same in the months ahead."
Treasury yields were moving down before the open, with the two-year rate retreating 1.3 basis points to 3.98% and the 10-year rate off 1 basis point to 4.46%.
Trump is set to land in Beijing on Wednesday for a highly anticipated summit with Chinese President Xi Jinping. The US leader reportedly said he will have a "long talk" about the Iran war with his Chinese counterpart, though he downplayed the idea he would want China to play a role in ending the conflict.
Trump is now more seriously considering restarting military operations against Iran than he has in recent weeks, CNN reported, citing his aides.
West Texas Intermediate crude oil decreased 0.7% to $101.48 a barrel in premarket action, while Brent slipped 0.4% to $107.41.
Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the EIA domestic petroleum inventories report at 10:30 am.
Federal Reserve Bank of Boston President Susan Collins is slated to speak at 11:30 am, while Minneapolis Fed President Neel Kashkari speaks at 1:15 pm. Dallas Fed President Lorie Logan's remarks are due at 7 pm.
Chicago Fed President Austan Goolsbee reportedly said Tuesday that inflation data on the services side was "unexpectedly disappointing."
Chinese e-commerce giant Alibaba (BABA) is expected to release its latest financial results before the bell, among others. Cisco Systems (CSCO) posts earnings after the markets close.
Gold inclined 0.5% to $4,711 per troy ounce, while bitcoin gained 0.4% to $81,098.
