07:09 AM EDT, 06/12/2024 (MT Newswires) -- US equity markets were trending marginally higher in Wednesday's premarket activity, as investors prepare for the release of a key inflation report and the Federal Reserve's policy decision on interest rates later in the day.

Standard & Poor's 500 futures, the Nasdaq and the Dow Jones Industrial Average all increased 0.1% each before the open. The majority of Asian exchanges were tracking in the red, while European bourses were trending pointing north midday on the continent.

The consumer price inflation report for May is scheduled for 8:30 am ET. The economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic oil inventories report at 10:30 am.

The Fed is due to announce its rate decision at 2 pm, with Chair Jerome Powell to hold a press conference at 2:30 pm. There is a 99% probability the central bank will not alter its key rate, according to the CME FedWatch Tool.

Oracle's (ORCL) shares jumped 8.6% pre-bell after the software maker disclosed two separate cloud partnerships with Microsoft ( MSFT )-backed (MSFT) Open AI and Alphabet's (GOOG, GOOGL) Google ( GOOG ), despite logging weaker-than-expected fiscal fourth-quarter results. GameStop ( GME ) declined 4.1% after closing Tuesday's session with a 23% surge on news that it completed a $2.14 billion at-the-market share offering.

Paramount Global's ( PARAA ) stock decreased 2.1% after its National Amusements controlling company, led by Shari Redstone, reportedly ended buyout and merger discussions with Skydance Media. Apple ( AAPL ) edged down 0.5% before the bell, after climbing 7.3% at Tuesday's close.

Broadcom ( AVGO ) and Dave & Buster's Entertainment (PLAY) report their latest financial results in the afterhours.

In premarket action, bitcoin ticked up 0.8% to $67,876, West Texas Intermediate crude oil gained 1.2% to $78.82 a barrel, yields on 10-year Treasuries remained unchanged at 4.4% and gold nudged 0.2% higher to $2,331 an ounce.