Stocks set for modest uptick
Futures mostly higher as investors await another day of testimony from Fed chief Bernanke; slew of economic readings on deck.
NEW YORK (CNNMoney.com) -- U.S. stock futures were mixed Wednesday, ahead of a slew of economic reports and Federal Reserve Chairman Ben Bernanke's second day of testimony before Congress.
At 9:07 a.m. ET, Nasdaq and S&P futures were flat to lower, with a comparison to fair value suggesting slight losses at the start of trading.
Stocks ended a volatile session mixed Tuesday as fears about the financial sector were balanced by a steep drop in oil prices. The Dow Jones industrial average finished the session at a near two-year low.
Economy A key reading on inflation, the Consumer Price Index, shot up in June at the fastest pace in 26 years, mostly due to high energy prices.
The Labor Department said prices jumped 1.1%, much more than expected. But fuel prices shot up 6.6%, showing huge increases for gasoline, home heating oil and natural gas.
A report on capacity utilization and industrial production also will be released before the market open.
Bernanke testimony Bernanke is due to appear before the House Financial Services Committee at 10 a.m. ET.
On Tuesday, the Fed chief rattled markets after saying the housing finance crisis and soaring energy costs would hurt economic growth.
Bernanke's second day of testimony comes ahead of the release of the minutes from the Fed's June 24-25 meeting, which are due out at 2 p.m. ET.
Energy Oil prices extended the previous session's losses, falling 44 cents to $138.30 in electronic trading on Wednesday.
Crude futures tanked Tuesday, plunging more than $6 a barrel - the biggest one-day drop in 17 years.
The U.S. Department of Energy is due to release its weekly report on crude inventories at 10:35 a.m. ET.
Earnings Solid profit gains at chipmaker Intel (INTC, Fortune 500) may give tech shares a boost. Intel reported a 25% jump in quarterly profit late Tuesday, topping Wall Street's estimates.
Delta Air Lines, Inc. (DAL, Fortune 500) beat estimates and overcame high fuel costs to earn 35 cents per share, nearly triple the 10 cents expected by analysts polled by Thomson.
Online auction site eBay (EBAY, Fortune 500) is scheduled to publish earnings after the market close Wednesday, and is expected to see second quarter revenue growth of 21% to 41 cents per share.
Financials Banking shares will be closely watched amid the turmoil surrounding mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500).
Wells Fargo (WFC, Fortune 500) said it earned 53 cents per share in the second quarter, down from 67 cents a year ago, but slightly above the predicted 50 cents a share from a Thomson poll of analysts.
Other markets In Asia, stock markets ended mixed. European stocks sank in morning trading. 
