On the data front, October PPI came in unchanged. Industrial production data are also due at 9:15 a.m., and NAHB homebuilders sentiment at 10 a.m. Treasury's international capital flows is released at 4 p.m.
Several Federal Reserve officials are also scheduled to speak, including Philadelphia Fed President Patrick Harker speaks at 5:30 p.m. ET. St. Louis Fed President James Bullard spoke Wednesday morning, saying he would be surprised if the central bank did not raise rates next month.
Minneapolis Fed President Neel Kashkari unveiled a plan to tackle "too big to fail" banks in another speech.
On the earnings front, Lowe's and Target were among the firms reporting before the bell.
In Europe, the pan-European Stoxx 600 index was around 0.47 percent lower on Wednesday. In Asia, the Shanghai Composite in China closed 0.05 percent lower, while the Nikkei 225 in Japan closed 1.1 percent higher.
In oil markets, Brent crude traded at $46.68 a barrel on Wednesday, down 0.6 percent, while U.S. crude was around $45.43 a barrel, down 0.9 percent.
U.S crude had risen almost 6 percent on Tuesday after investors' hopes were renewed that OPEC would implement a production cut at a key meeting later in November.
— CNBC's Patti Domm contributed to this report