US stock futures drifted higher in premarket trading on Wednesday as investors braced for fresh Consumer Price Index (CPI) data, which could alter the Fed's interest rate calculus. Futures on the Dow Jones Industrial Average (YM=F) climbed 0.2%, while those on the S&P 500 (ES=F) edged up 0.3%. Wednesday's inflation print will be closely watched following the softer-than-expected July jobs report. Economists expect the Consumer Price Index to rise at a slower annual rate of 3.4% in July compared to June's 3.5% increase and climb 0.1% month over month. On the earnings calendar, Cisco Systems (CSCO), Coherent Corp. (COHR), Nebius Group (NBIS), and Cerebras Systems (CBRS) are among the major companies reporting results.