us stocks could pick up the shreds after the ravages inflicted by an inflation reading that came in more than expected the major us index futures are pointing to a higher open on wednesday on tuesday the major us averages recorded their worst singleday declines since the middle of june 2020 amid the covid19 pandemic the selloff though acrosstheboard was more severe among it and communications services stocks “markets hate rate hikes and based on today’s cpi numbers there is no relief in sight” jamie cox managing partner harris financial group said “even though recent data suggests inflation is coming the fed’s way it’s not yet showing up in the data series” he added in premarket trading on wednesday the spdr sp 500 etf trust spy was rising 043 to 39480 and the invesco qqq trustqqq was moving up 044 to 295 according to benzinga pro data on the economic front the bureau of labor statistics will release the producer price inflation report for august at 830 am edt the yearoveryear rates of the headline and core readings were at 76 and 98 respectively in july since producer prices are considered a leading indicator of how prices would shape up at the retail level a softerthanexpected reading could help the market bounce significantly the energy information administration’s crude oil inventories report for the week ended sept 9 is due at 1030 am edt the mortgage bankers association’s weekly mortgage application data is due ahead of the market open   nikola corporation is advancing after btig upgraded the stock citing accelerating hydrogen adoption   johnson  johnson was seen higher after the company announced a 5 billion stock buyback program   sofi technologies inc is also climbing in reaction to a positive analyst action crude oil futures are bouncing back after the moderate decline seen on tuesday amid the release of the inflation data a barrel of wti crude oil is currently trading at 8772 up 047 the major asian markets closed firmly in the red taking cues from wall street’s plunge overnight the japanese market was also reacting to a weak domestic industrial production report for july european stocks are seen extending their losses with uk inflation data adding to the negativity seen in the markets