08:00 AM EDT, 05/08/2024 (MT Newswires) -- US equity futures were cautiously lower Wednesday as traders search for fresh clues on the direction of future monetary policy.

Dow Jones Industrial Average futures slipped 0.1%, S&P 500 futures declined 0.2%, and Nasdaq futures were down 0.3%.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.9% and US West Texas Intermediate down 1%, on signs of rising supply in the US. Data from the industry group American Petroleum Institute showed a 0.5 million-barrel weekly increase in US crude stockpiles, according to media reports.

Wholesale inventories, due at 10 am ET, are seen dropping 0.4% in the second estimate for March, according to estimates compiled by Bloomberg.

Investors will be monitoring comments from Federal Reserve Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Governor Lisa Cook.