U.S. equity futures nudged higher in early Wednesday trading, while the dollar eased and Treasury yields steadied, as investors braced for a crucial December inflation report that could define the market's direction over the coming weeks.

US stocks gained after cooler-than-expected producer price index data soothed inflation concerns. The numbers on Tuesday showed wholesale inflation rose 0.2% in December on a monthly basis, compared to an estimated 0.4% increase. The reading climbed 3.3% from a year ago, below the projected 3.5% gain.

Asian stocks were mixed Wednesday following Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of market-boosting rate cuts by the Federal Reserve.

The major indexes rose Tuesday on lower-than-expected December producer price index numbers. Palantir looks to end a losing streak.