09:20 AM EDT, 04/10/2024 (MT Newswires) -- US stocks look set to open sharply lower in Wednesday's trading session after key inflation data came in higher than expected.

The Dow Jones Industrial Average futures were down 1.2%, S&P 500 futures were falling 1.4%, and Nasdaq futures were dropping 1.5%.

The core consumer price index for March rose 0.4%, the same as in February, but higher than the 0.3% increase forecasters were expecting, according to Investing.com. On an annual basis, the core CPI rose 3.5%, compared with a 3.2% rise a month earlier, and higher than the consensus forecast of 3.4%.

The Energy Information Administration's crude oil inventories report, which measures the weekly change in the number of barrels of commercial crude oil held by US firms and comes out at 10:30 a.m. ET, is expected to show a decline to 2.42 million barrels, compared with 3.21 million barrels the previous week, according to Investing.com.

Oil prices were moving higher, with front-month global benchmarks Brent crude and West Texas Intermediate crude rising 0.8% and 0.9% respectively.

In other world markets, Japan's Nikkei was down 0.5%, Hong Kong's Hang Seng surged 1.9%, and China's Shanghai Composite was down 0.7%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was off slightly, while Germany's DAX and France's CAC were down 0.3% and 0.8% respectively.

On the winning side, shares of Meiwu Technology ( WNW ) soared 76% in Wednesday's premarket session, adding to a 1.6% gain on Tuesday. Marin Software ( MRIN ) shares jumped 71% after it reported late Tuesday that it has made upgrades to its integration with Microsoft (MSFT) Advertising. Nano Labs ( NA ) gained 38%, following a nearly 4% loss the previous day. Jaguar Health ( JAGX ) stock advanced 32% after its special meeting of shareholders held on Tuesday approved all four submitted proposals. And iCoreConnect (ICCT) stock climbed 23, adding to Tuesday's gain.

On the losing side, shares of Ascent Solar Technologies ( ASTI ) shares plunged 51%, extending Tuesday's 12% loss. VIA Optronics ( VIAO ) shares tumbled 40%, a day after notifying the New York Stock Exchange of its intention to voluntarily delist its American depository shares from the NYSE and terminate its registration with the US Securities and Exchange Commission. Velo3D ( VLD ) stock shed 35% a day after saying it planned to offer and sell its common shares and warrants to purchase common shares in a "reasonable best efforts" public offering. Hexcel ( HXL ) shares were down 11% after BofA Securities downgraded it to underperform from neutral and cut its price target to $65 from $75. Luminar Technologies ( LAZR ) stock dropped nearly 8% after BofA Securities downgraded the company to underperform from neutral and cut its price target to $1.20 from $3.50.