It's a yin-yang day on Wall Street.
The Nikkei topped 15,000 for the first time in five years as the yen continues to weaken. Japan has been in the spotlight in recent months as the country pushes forth with its ambitious economic reforms, known as Abenomics.
The plan has sent stocks skyrocketing and significantly weakened the yen. (Is Abenomics working?)
"Expectations of a stabilizing eurozone are overdone," said Richard Driver, analyst for Caxton FX in London. "I would expect equities and commodities to come under pressure." (Check commodities here.)
U.S. stock futures were little changed ahead of the open, as the Producer Price Index dropped lower than expected.
With the Dow and S&P 500 coming off record highs, investors will look Wednesday to a handful of corporate and economic reports. This includes the U.S. Bureau of Labor Statistics' PPI, which fell 0.7% in April, seasonably adjusted. Economists had expected prices to decline 0.5%.
Earnings season is nearly over, but results from a few firms were still trickling in. Shares of John Deere ( tumbled after the heavy equipment manufacturer issued disappointing sales guidance. )
Macy's ( stock edged up after the retailer reported a gain in quarterly profit, revenue and same-store sales. )
Cisco ( is up after the bell. )
Tesla Motors ( rose again Wednesday, one day after )reaching a record high.
The Federal Reserve will publish its monthly report on industrial production at 9:15 a.m. ET.