NEW YORK (CNN/Money) - Stocks could get a lift from tame inflation readings for the second straight day Wednesday.

U.S. stock futures were up in early trading, indicating a higher opening for stocks, after a modest rise in stocks Tuesday following a government report that showed wholesale prices lower than expected.

A report on consumer prices released at 8:30 a.m. ET showed that the Consumer Price Index fell 0.1 percent and that the core CPI, which, excludes volatile food and energy costs, rose 0.1 percent.

Economists surveyed by Briefing.com were looking for a 0.1 percent rise in prices overall, and a 0.2 percent increase if volatile food and energy prices are excluded.

Oil prices were higher in Wednesday trading as OPEC ministers met on output and ahead of the 10:30 a.m. ET weekly report on U.S. fuel inventories.

The July light crude contract gained 49 cents to $55.49 a barrel in electronic trading, while the July contract for Brent crude rose 73 cents to $54.46.

Major markets in Asia closed mostly higher, with Japan's Nikkei closing at a 2-month high. Major European markets were mixed in early trading.

Treasury prices were little changed, with the yield at 4.11 percent. The dollar edged lower against the yen and the euro.

In corporate news, J.P. Morgan Chase (Research) announced late Tuesday that it will pay $2.2 billion to settle a class action investor suit involving its work for bankrupt energy trader Enron. The agreement will force the nation's No. 2 bank to take a $2 billion pretax charge and increase its litigation reserves for its other remaining legal matters.

Also Tuesday evening, media conglomerate Viacom (Research) announced its board approved the anticipated split of the company into two separate publicly traded companies. One company will include its cable networks and Paramount Pictures, the other will include the CBS television network and Infinity Broadcasting radio network.

A large MCI (Research) shareholder is launching a proxy campaign to turn other shareholders against a proposed $8.4 billion purchase of the company by Verizon Communications. (Research) The Wall Street Journal also reports that a person close to spurned MCI suitor Qwest Communications (Research) said "there is a chance that we will come back," should the Verizon deal eventually get voted down

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