Futures for the Dow Jones Industrials tumbled 164 points, or 0.4% to 40,634.
Futures for the S&P 500 lost 14.25 points, or 0.3%, at 5,489.75.
Futures for the NASDAQ dropped 58 points, or 0.3%, to 18,806.
Shares of GameStop dropped 10% in the premarket. The video game retailer amended an open market sale agreement filed with the U.S. Securities and Exchange Commission, allowing it to sell up to 20 million additional shares of its Class A common stock.
Economists polled by Dow Jones expect the headline CPI to have risen 0.2% from the previous month and 2.6% from a year earlier.
The CPI report and Thursday’s producer price index could help determine the size of a widely expected rate cut at the end of the Federal Reserve’s two-day meeting on Sept. 18. Fed funds futures trading suggests a 69% chance of a 25-basis-point rate cut and a 31% likelihood of a 50-basis-point reduction,
In Japan, the Nikkei 225 sank 1.5% Wednesday, while in Hong Kong, the Hang Seng fell 0.7%.
Oil prices recovered $1.51 to $67.26 U.S. a barrel.
Gold prices soared $7.26 to 2,550.70.