US Markets

US futures point to muted open as traders eye earnings, oil

Wall Street considers next move after Tuesday records

U.S. stock index futures pointed to a flat open on Wednesday as traders focused on a slew of company earnings and the latest oil inventory data.

Allergan, GlaxoSmithKline, Time Warner and Alaska Air are among the major companies that reported earnings before the bell. Whole Foods, CenturyLink, Fiserv and Prudential Financial are all due to report after the market close.

There are no major economic data releases scheduled on Wednesday.

In Europe, the pan-European Stoxx 600 index was around 0.36 percent higher on Wednesday. In Asia, the Shanghai Composite in China closed 0.46 percent higher, while the Nikkei in Japan closed 0.51 percent higher.

Andrew Renneisen | Getty Images

The U.S. government reports weekly oil inventory data at 10:30 a.m. ET. If that report confirms American Petroleum Institute data showing a surprise increase in supply, oil prices are likely to continue to drop.

Oil prices edged lower on Wednesday to extend falls from the previous session as a spike in U.S. fuel inventories and dwindling Chinese demand suggested global crude markets remain oversupplied.

Brent crude traded at around $54.79 a barrel on Wednesday, down 0.5 percent, while U.S. crude was around $51.76 a barrel, down 0.77 percent.

— CNBC's Patti Domm contributed to this report.