US Stock Futures Edge Lower Amid High Treasury Yields and Inflation Data Anticipation

US stock futures took a cautious turn on Wednesday as investors kept a close eye on Treasury yields and awaited the latest inflation data for clues on the Federal Reserve's interest-rate path.

Futures tied to the Dow Jones Industrial Average were little changed, while S&P 500 futures and Nasdaq-100 futures slipped slightly. This comes after all three major US indexes ended lower in the previous session.

Treasury yields remain high, with the 30-year Treasury yield having climbed to its highest level since June 2002 on Tuesday, and the 10-year yield rising to a fresh 2007 high near 5.3%. Higher yields can put pressure on stocks by making bonds more attractive and raising borrowing costs for companies.

Markets are now waiting for the August reading of the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation. Economists surveyed by Dow Jones expect the index to rise 0.3% month-on-month, taking the annual inflation rate to 3.7%. Meanwhile, traders have reduced their expectations of a rate hike at the Federal Reserve's next meeting.