By Shreyashi Sanyal

(Reuters] Wall Street futures edged down Wednesday, as investors were concerned about rising inflation around the globe. This was ahead of U.S. Consumer Prices data.

After a monthly increase of 5.4%, the Labor Department’s Consumer Prices Index (CPI), is scheduled to be released at 8:30 ET. It will likely rise by 5.8% in Oct.

This report is coming a day after data on producer prices showed an increase in October. It will be examined for clues as to whether manufacturers are passing higher costs onto consumers, who account for 70% of U.S. economic activity.

Wall Street’s major indexes saw their record-breaking closing records end on Tuesday, as investors took advantage of the market’s lack of moving catalysts to make profits.

On Wednesday, the declines came as a result of data that showed Chinese factory gate price reached an all-time high of 26 years in October. However economic advisers to Germany’s government predicted that the current inflation rise would continue into 2022.

The losses were broad-based. Big lenders including JPMorgan Chase & Co (NYSE:), Morgan Stanley In premarket trading, Goldman Sachs and (NYSE: ) both fell by about 0.3%.

Big energy and industrial companies such as Caterpillar Inc (NYSE :), 3M Co and Chevron (NYSE:) Inc fell between 0.3% & 0.4%

Technology and communication companies with mega-caps, including Apple Inc. (NASDAQ:). Microsoft Corp (NASDAQ.com Inc) (NASDAQ.com:), Meta Platforms Inc (NASDAQ.com:), formerly Facebook (NASDAQ.:), and Alphabet Inc (NASDAQ.:) Inc fell between 0.4% to 0.9%.

Tesla Inc (NASDAQ:) Inc shares edged 0.1% higher after a selloff in which the electric-vehicle manufacturer lost as much as $200 Billion market capitalization.

At 6:44 AM. ET fell 90 points or 0.25%. ET was down 16.25 points or 0.35% and was down 95.75 point or 0.59%.

Investors were also looking forward to weekly jobless claims data. This will show that fewer Americans chose state unemployment benefits this week.