Stock futures fall Wednesday as investors await fresh inflation data this week: Live updates

Stock futures ticked lower Wednesday as investors looked ahead to a key inflation report due later this week.

Futures tied to the Dow Jones Industrial Average slipped 120 points, or 0.3%. S&P 500 futures pulled back 0.3%, while Nasdaq 100 futures slid 0.4%.

Online marketplace eBay rose nearly 5% after announcing that it was raising its quarterly dividend and would spend an additional $2 billion on buybacks. Urban Outfitters lost more than 9% after reporting weaker-than-expected results for the fourth quarter.

Wall Street is coming off a mixed session. The S&P 500 and Nasdaq Composite rose slightly, while the Dow declined.

The S&P 500 and the Dow are off the highs they just notched late last week, but investors may want to think twice before they aggressively ramp up on equities.

"I just don't think you chase at this point," Drew Pettit, director of U.S. equity strategy at Citi, said on CNBC's "Closing Bell: Overtime." "A lot of good news is getting priced in – we are actually trading up even though the reporting season really hasn't been great; we really haven't had a lot of broad beats and broad raises."

"Enjoy the ride in equities right now," he added. "Just wait for a better time if you want to be more aggressive."

On the economic front, investors will look for wholesale inventories data Wednesday. However, the personal consumption expenditure reading for January will be the main event on Thursday, as it's the Federal Reserve's preferred measure of inflation.

The rate of change of economic growth appears stable, per Wolfe Research.

"Overall momentum is steady/a bit softer, as capex gains steam, consumer momentum is fading, and housing is growing firm. We expect these trends to continue this year," chief economist Stephanie