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NEW YORK (CNNMoney) -- U.S. stocks were set to open lower Wednesday, with investors cautious ahead of several economic reports.
U.S. stock futures were all in the red.
Investors will have a variety of data to sort through, with reports coming on inflation, industrial production and the housing market. Retailers Staples (SPLS, Fortune 500) and Target (TGT, Fortune 500), and equipment producer Deere (, Fortune 500) will release their quarterly results before the opening bell.
Investors will be watching for more signs of a slowdown in the economy, with hopes that the data could convince the Federal Reserve and central banks around the globe to step in with further stimulus measures.
"It seems markets are starting lose some of this week's gains as investors start to weigh up the likelihood of further QE (quantitative easing) in the face of continued mixed economic data out of the U.S.," said Michael Hewson, senior market analyst at CMC Markets. "Given that we are at or near four-month highs on some of the major benchmarks, the momentum clearly isn't there to signal significant further gains."
For now, trading volume remains low, and many investors aren't placing significant bets with the market in light summer trading.
U.S. stocks pared gains during the final hour of trading Tuesday, finishing the day barely changed.
World Markets: European stocks slid into the red in morning trading. Britain's FTSE 100 shed 0.5%, the DAX in Germany lost 0.6% and France's CAC 40 fell 0.3%.
The unemployment rate in Britain fell by 0.2 percentage point in the second quarter to 8%, according to the Office for National Statistics. The data came in better than expected, with the jobless rate at its lowest level in nearly a year.
Asian markets closed lower. The Shanghai Composite dropped 1.1%, the Hang Seng in Hong Kong stumbled 1.2%, and Japan's Nikkei shaved off 0.1%.
Economy: At 8:30 a.m. ET, the Bureau of Labor Statistics will release the Consumer Price Index for July, the government's key inflation measure. Prices are expected to have increased by 0.2%, according to a survey of analysts by Briefing.com, after holding steady in the month prior.
At 9:15 a.m. ET, the Federal Reserve will release data on industrial production for July, which is expected to have increased by 0.6%.
After the opening bell, the National Association of Home Builders will release the August edition of its Housing Market Index, which is based on a survey asking NAHB members to rate the general economy and housing market conditions. The index is expected to stand at 35, unchanged from last month.
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Companies: Staples posted quarterly earnings of 22 cents a share, meeting analyst expectations. Shares of the office supply retailer slid in premarket trading.
Target is expected to report earnings of $1.01 a share on $16.8 billion in revenue, while Deere is expected to report earnings of $2.31 a share on $9.5 billion in revenue.
Currencies and commodities: The dollar fell against the British pound, but gained some ground against the euro and Japanese yen.
Oil for September delivery lost 25 cents to $93.18 a barrel.
Gold futures for December delivery fell $3.40 to $1,594.40 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury remained unchanged, with the yield holding steady at 1.73%.
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