Cardinal shares tumbled 6% in early morning action, while Circle stock jumped 6.5%. On stock surged 12%, as Sea shares climbed nearly 9%. Finally, Tencent Music shares rallied 4.5% in premarket trading. The Labor Department's July CPI inflation data is due out at 8:30 a.m. ET.

The inflation data, which is prepared and published by the Bureau of Labor Statistics (BLS), is bound to be the day's biggest market-mover. The authenticity of the results themselves will also be a topic of serious consideration, in part because of the controversy surrounding the agency in recent weeks.

U.S. stock futures are trading higher early Wednesday as traders speculate on a potential rate cut in September following the easing inflation

Futures for the Dow Jones Industrial Average and other major stock indexes traded slightly lower Thursday as Wall Street awaited key inflation data, with the early release of the Producer Price Index.

Stocks closed near unchanged on Thursday, slowing a rally that has pushed major indexes to record highs, after fresh inflation data revived concerns about the impact that tariffs are having on the economy.