US pre-open: Futures flat after strong surge, consumer prices rise

US stock markets were set to open more or less flat on Wednesday after impressive gains registered the previous session, as investors sat on the fence after a mixed bag of corporate earnings.

Futures on the S&P 500 and Nasdaq were 0.1% lower by 08:35 on New York, while the Dow Jones Industrial Average inched a couple of points higher.

Inflation data didn't have much impact on the market ahead of the opening bell after coming bang in line with estimates. The consumer price index (CPI) rose a seasonally-adjusted 0.1% in September after a 0.2% fall in August, according to the Labor Department. Compared with September 2013, CPI inflation remained steady at 1.7%.

In other economic news, mortgage applications jumped 11.6% in the week ended 17 October, according to Mortgage Bankers Association, after a 5.6% increase the week before.

The S&P 500 jumped 1.9% on Tuesday, while the Dow rose 1.3% and the Nasdaq surged 2.4% on the back of a less-than-expected slowdown in China and impressive results from iPhone and iPad manufacturer Apple.

Apple was trading higher again in pre-market trade on Wednesday, helped by comments from renowned investor Carl Icahn who called the gadget maker a "once-in-a-decade" company and a "no-brainer" investment.

Internet giant Yahoo was also rising strongly after beating analysts' forecasts with a 1.5% rise in third-quarter revenue to $1.09bn.

Dow Chemical was making decent gains after both sales and profits for its third quarter surpassed estimates, while EMC, Vmware and Cree disappointed with their reports.