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Economists on average expect the CPI to edge 0.1 percent higher, according to a Thomson Financial survey.
Dow futures expiring in September lost 69, or 0.50 percent, to 13,020, while Standard & Poor's 500 index futures dropped 7.70, or 0.54 percent, to 1,426.60. Nasdaq 100 index futures fell 8.75, or 0.46 percent, to 1,906.00.
Investors will also watch for any sign of a slowdown in consumer spending from department store chain Macy's Inc., which is scheduled to report quarterly results on Wednesday. The stock market skidded Tuesday in part because Wal-Mart Stores Inc., one of the 30 stocks in the Dow Jones industrials, reduced its profit outlook as weak economic conditions led consumers to curtail spending.
The potential for a slowdown in consumer spending -- which has been a major prop for the economy
-- has compounded investors' worries over a shrinking of available credit due to widespread problems in the subprime mortgage market.
Deere & Co. and Sara Lee Corp. were among the other companies reporting earnings Wednesday.
Stocks declined worldwide on Wednesday in response to Tuesday's drop on Wall Street. Japan's Nikkei stock average slid 2.19 percent. In afternoon trading, Britain's FTSE 100 lost 1.47 percent, Germany's DAX index slipped 0.99 percent, and France's CAC-40 dropped 1.49 percent.
Light, sweet crude rose 35 cents to $72.73 in premarket electronic trading on the New York Mercantile Exchange, as Tropical Storm Dean strengthened in the Caribbean and headed west
-- posing a potential, if still distant, threat to oil installations in the Gulf of Mexico.
Gold prices retreated, while the dollar rose against the euro, British pound and Japanese yen.
[Associated Press;
by Lauren Villagran]
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