"The market may well have got ahead of itself following September's meeting that saw the "dots" point to a more hawkish Federal Reserve and suggestions that rate hikes might come sooner and be more frequent than was previously thought," said Angus Campbell, a senior analyst at FxPro, in a note on Wednesday.
Also, Wednesday will see Alcoa unofficially kicking off third-quarter earnings season, with numbers out after Wall Street closes.
"We think company analyst estimates have not fully adjusted to a stronger U.S. dollar and weaker international economic conditions," said Barclays equity strategist Jonathan Glionna in a note.
"We expect fewer companies to beat revenue estimates, although many should still exceed earnings per share (EPS) estimates."
Stocks to watch on Wednesday include Yum Brands, which declined more than 1 percent in extended-hours trade after reporting earnings and revenue that narrowly missed expectations.
GT Advanced Technologies, Apple's sapphire substrate producer, gained nearly 5 percent in after-hours trade. This built on Tuesday's recovery, after shares slid on Monday on reports that it had filed for bankruptcy.
Meanwhile, Rubicon Technology, a rival of GT Advanced Technologies, fell more than 1 percent in extended-hours trade on Tuesday.