Dow futures are about flat as investors weigh inflation jump, JPMorgan earnings

Dow Jones Industrial Average futures were mostly flat Wednesday as investors digested fresh inflation data and third-quarter earnings reports.

Futures on the blue-chip average shed about 49 points, or 0.1%. S&P 500 ticked 0.1% lower and Nasdaq 100 futures traded near the flatline.

The consumer price index jumped 0.4% in September from the month prior and 5.4% year over year, the Labor Department reported Wednesday. Economists expected to see a month-to-month increase of 0.3% or annualized rate of 5.3%, according to Dow Jones.

Excluding energy and food, the core CPI rose 0.2% month over month and 4% over the last 12 months, against respective estimates for 0.3% and 4%.

Third-quarter earnings season kicked off on Wednesday with JPMorgan Chase, which said that quarterly profit topped expectations following a boost from better-than-expected loan losses. Revenue for the largest U.S. bank by assets also came in higher than expected.

JPMorgan shares inched higher in premarket trading.

Delta Air Lines also reported financial results before the opening bell on Wednesday. The company posted higher-than-expected revenue and its first quarterly profit without counting federal aid since the start of the pandemic.

However, the airline said higher costs of fuel and other expenses will pressure its fourth-quarter bottom line. Shares of Delta dipped more than 1% in the premarket.

Apple shares dipped in premarket trading after a Bloomberg News report that said it is likely to cut iPhone 13 production because of chip shortages. Chipmakers including Skyworks and Broadcom were also lower in premarket trading.

The Federal Open Market Committee will release the minutes from its September meeting at 2 p.m. on Wednesday. Investors will be looking for clues about timelines surrounding the central bank's planned taper for its bond-buying program.

On Tuesday, the major averages fell for the third straight session. The Dow Jones Industrial Average lost 117 points, dragged down by a 1.3% drop in Boeing's stock. The S&P 500 fell 0.24%. The technology-focused Nasdaq Composite ended just 0.14% lower.

Meanwhile, small-cap stocks outperformed on Tuesday with the Russell 2000 gaining 0.6%.

Investors are awaiting earnings reports from Bank of America, Morgan Stanley, Citigroup, Wells Fargo and Walgreens Boots Alliance on Thursday.

"This clearly represents the first quarter of real EPS risk that investors have had to deal with in the COVID recovery, as GDP estimates have collapsed since mid-August on nothing short of historic supply chain issues," said Tavis McCourt, institutional equity strategist at Raymond James.

"However, consensus EPS at the index level has not changed meaningfully, as, remarkably, a greater number of stocks have seen positive earnings revisions since mid-August than negative," McCourt added.

— with reporting from CNBC's Patti Domm.