NEW YORK (CNN/Money) - Stocks will attempt a rally on strong earnings and outlooks from tech bellwethers Intel and Yahoo!, but a higher-than-expected inflation reading could keep gains in check.

U.S. stock futures were mixed in early trading, with S&P futures down and Nasdaq futures up.

After the market close Tuesday, leading chipmaker Intel (Research) beat first quarter earnings forecasts and gave a bullish outlook for chip demand ahead. Internet search engine Yahoo! (Research) also beat forecasts and raised guidance. Both stocks gained in after hours trading.

John Silvia, chief economist for Wachovia Securities said that after last week's earnings miss by IBM raised concerns about a much weaker-than-expected economy, the stronger reports so far this week by major companies has helped turn around investor sentiment.

"It's been needed psychological relief for stocks," he said. "Unless we see some real disappointments today, I think stocks should do well."

On the economic front, the Consumer Price Index could revive concerns that the Federal Reserve will start raising interest rates faster to combat inflation.

The CPI rose 0.6 percent, a bit higher than the 0.5 percent rate forecast by economists surveyed by Briefing.com. The core CPI, which excludes volatile fuel and energy prices, rose 0.4 percent, much higher than the estimated 0.2 percent rise.

Treasury prices fell following the consumer price report, lifting the yield on the 10-year note to 4.29 percent from the 4.20 percent level late Tuesday. The dollar fell against the euro and the yen.

But Silvia said he believes that, even if CPI is higher than expected, the Fed will stick with its policy of quarter-percentage point rate hikes.

Oil prices were higher in early trading following a rebound Tuesday ahead of Wednesday's report on U.S. fuel inventories.

The May light crude contract gained 33 cents to $52.62 a barrel in electronic trading, while the June contract for Brent crude rose 79 cents to $53.73.

Major markets in Asia closed higher Wednesday on the strong tech earnings. Major European markets were higher in early trading.

In other corporate news, America West (Research) is reportedly in advanced merger talks with bankrupt carrier US Airways (Research).

For a more detailed look at the markets before the open, click here.