"Yesterday was a better day for markets, with some sense of calm restored for now at least. But this was perhaps not surprising given the violence of the moves in the previous two trading days. And it would fit with the pattern seen in previous crises," Grant Lewis, head of research at Daiwa Capital markets, said in a note on Wednesday.
Income rose 0.2 percent, while spending rose 0.4 percent in May.
The Fed's preferred inflation measure of personal consumption expenditures (PCE) price ex-food and energy rose 0.2 percent last month, or 1.6 percent over the 12 months through May.
Treasury yields edged higher, with the 2-year yield around 0.62 percent.
Earlier, the 30-year Treasury yield hit its lowest since February 2015, closing in on its record low set 17 months ago, as investors also loaded up on European and Japanese government bonds and sent their yields to historic lows, Reuters said.
Major companies reporting quarterly earnings on Wednesday include Monsanto, General Mills and Acuity Brands.
On Wednesday, Goldman Sachs said that in the wake of Brexit, the U.S. financial sector would be at risk from contagion because of its high connectivity with the U.K. financial system.