U.S. stock futures inched higher early Wednesday, as traders looked ahead to an important inflation report that will likely determine the near-term direction for interest rates.

S&P 500 futures and Nasdaq 100 futures climbed 0.13% and 0.29%, respectively. Dow Jones Industrial Average futures rose by 20 points, or 0.04%.

In Asia, markets traded mixed. South Korea’s Kospi jumped over 3%, while Japan’s Nikkei 225 added 0.16%. Australia’s benchmark S&P/ASX 200 declined 0.58%. Hong Kong’s Hang Seng Index fell 0.98% while mainland China’s CSI 300 rose 0.28%.

In the U.S., Super Micro Computer shares rallied more than 7% after the data center infrastructure company issued rosy guidance for first quarter earnings and revenue. CoreWeave shares surged 14% after second quarter adjusted operating income margin of 5% exceeded expectations.

Those moves come ahead of the latest inflation data that investors are hoping will be as encouraging as the last. The July consumer price index that’s due out at 8:30 a.m. ET on Wednesday is expected to show only a slight increase in monthly inflation, of 0.1% in the headline number and 0.2% for the core reading, according to economists polled by Dow Jones. However, the estimated 12-month rates of 3.4% and 2.5%, respectively, remain above the Fed’s 2% target.

A surprisingly hot inflation report will likely alarm investors who expect it will shape what the Federal Reserve does at its September meeting, as policymakers take a reprieve in August. The central bank has been laser focused on the impact higher pricing pressures are having on the U.S. consumer, with three dissenters at the last meeting voting to raise rates. And, those concerns have yet to abate, with U.S. oil prices pushing above $83 a barrel this week, as hopes of a reopening of the Strait of Hormuz dwindle.

“All the Fed seems to be focused on is inflation, which means that tomorrow’s report is very important, especially because right now the odds for a September hike are 50-50,” Liz Thomas, head of investment strategy at at SoFi, told CNBC’s “Closing Bell” on Tuesday. “Tomorrow pushes that in one direction or the other, and that gets baked in.”

The bond market will also be carefully watched in the aftermath of the report, especially with long- and short-dated issues — the 10-year Treasury yield hovering around 4.7% and the 2-year yield around 4.2% — already reflecting fears of a more restrictive interest rate regime.

Wednesday’s inflation report won’t be the last hurdle the stock market will have to get past this week. The July producer price index that’s due out Thursday will have to prove the prior month’s softer report can be repeated.

On the earnings front, traders will be watching for reports from Cerebras and Cisco, both due in the afternoon.