US Equity Futures Mostly Flat Pre-Bell as Traders Await Key Inflation Report

US equity futures were mostly flat pre-bell Wednesday as traders awaited a key inflation report for information on a potential for a new rate increase from the Federal Reserve.

Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures held steady, and Nasdaq futures were 0.1% lower.

On Tuesday, Federal Reserve Governor Michael Barr renewed calls for more interest rate increases to curb sticky inflation. New York Fed President John Williams said he also expects monetary policy to get tighter but sees no urgency to act. The CME Group FedWatch indicator shows a 44.8% chance the Fed will raise rates by 0.25% next month.

Micron Technology (MU) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $31.72 per share on revenue of $51.33 billion.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.8% at $97.84 per barrel and US West Texas Intermediate crude 1.6% higher at $90.79 per barrel.

The ADP employment report for September, expected at 8:15 am ET, is seen increasing to 75,000 from 38,000 in the prior month, according to estimates compiled by Bloomberg.

The August core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, scheduled for release at 8:30 am ET, is expected to increase 0.3%, compared with the prior month's gain of 0.2%.

The international trade in goods report for August is expected to show the deficit narrowing to $115 billion from the revised value of $118.9 billion in the prior month.

Personal income for August is seen rising by 0.5%, compared with a gain of 0.4% in the previous month. Q2 GDP is seen coming in at 1.5%, unchanged from the second estimate.

The Chicago purchasing managers index for September, due at 9:45 am ET, is seen coming in at 51.0, up from its prior value of 47.1.

Federal Reserve Richmond President Thomas Barkin, Chicago President Austan Goolsbee, Minneapolis President Neel Kashkari and Governor Lisa Cook are slated to speak on Wednesday.