U.S. index futures are up in pre-market trading this Wednesday. At 6:08 AM, Dow Jones (DOWI:DJI) futures rose 6 points, or 0.02%. S&P 500 futures advanced 0.14%, and Nasdaq-100 futures gained 0.25%. The yield on the 10-year Treasury note stood at 4.279%.

In the commodities market, oil prices rose, recovering from three consecutive days of losses. This occurred after a sector report indicated a reduction in U.S. crude and fuel inventories last week, suggesting stable demand.

West Texas Intermediate crude for August rose 0.25% to $81.61 per barrel. Brent crude for September rose 0.18% to around $84.81 per barrel. The most traded iron ore contract on the Dalian Commodity Exchange (DCE) fell 1.81% to $111.74 per metric ton.

In the U.S. economic agenda, May wholesale inventories will be published at 10 AM by the Commerce Department. The petroleum inventory position up to last Friday will be released at 10:30 AM by the Department of Energy (DoE). The Beige Book will be published by the Federal Reserve at 2 PM.

Asia-Pacific markets showed mixed results on Wednesday. Japan’s Nikkei 225 reached a new record closing high of 41,831.99, while the Topix index gained 0.47%. China’s Shanghai Composite fell 0.68%. Hong Kong’s Hang Seng index dropped 0.29%. South Korea’s Kospi index rose marginally by 0.02%, while the small-cap Kosdaq index fell 0.22%. Australia’s S&P/ASX 200 index dropped 0.16%.

In China, inflation fell short of expectations, with the consumer price index rising 0.2% in June, lower than the expected 0.4% and May’s 0.3%. The PPI fell 0.8%, in line with forecasts. Reuters reported that Ping An Insurance, China’s largest insurer, might issue up to $5 billion in convertible bonds.

European markets are recording gains today, boosted by the travel sector, while mining stocks are showing a decline. No major data releases are expected. In corporate news, Kongsberg (TG:KOZ) saw its shares rise 9.2% after reporting a 21% increase in operating revenue. Investors are eyeing quarterly results from JD Wetherspoon (LSE:JDW) and National Grid (LSE:NG.).

On Tuesday, U.S. stocks showed a lack of direction throughout the trading session. The Nasdaq and S&P 500 once again hit new record closing highs despite volatile trading. The Dow Jones fell 0.13%, while the S&P 500 rose 0.07%, and the Nasdaq increased 0.14%. Weak performance on Wall Street occurred as traders digested testimony from Federal Reserve Chairman Jerome Powell before the Senate Banking Committee.

Powell stated that more good data would increase the central bank’s confidence that inflation is moving sustainably toward the 2% target, which could lead to a possible rate cut. Most major sectors ended the day with only modest moves, with notable gains in banking and brokerage stocks, while software and energy stocks showed considerable weakness.

In the earnings report front, Thera Technologies (NASDAQ:THTX) and Manchester United (NYSE:MANU) are reporting before the market opens.

After the close, numbers from WD-40 (NASDAQ:WDFC), PriceSmart (NASDAQ:PSMT), Azz Inc (NYSE:AZZ), and E2Open (NYSE:ETWO) are expected.