US pre-open: Futures in the red following two days of gains

Wall Street futures were in the red ahead of the bell on Wednesday after two straight positive sessions for major indices.

As of 1310 BST, Dow Jones futures were down 0.39%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.29% and 0.18% weaker, respectively.

The Dow closed 264.36 points higher on Tuesday as investors shrugged off signs of an economic slowdown ahead of Friday's consumer price index reading.

However, futures were pointing to a modestly lower open prior to the bell on Wednesday as market participants digested updates from some major companies and hints that economic growth may finally be slowing.

On the macro front, US mortgage applications fell in the week ended 3 June, according to the Mortgage Bankers Association, with housing prices remaining elevated and inventories remaining low.

The MBA's market composite index sank 6.5% to hit the lowest level in 22 years amid heightened interest rates, with applications to refinance a home dropping 5.6% and those to purchase a single-family home dropping 7.1%.

Still to come, April wholesale inventories data will be published at 1500 BST.

In the corporate space, Campbell Soup beat third-quarter earnings and revenue estimates.