Stock futures rebound following S&P 500's 3-day losing streak on inflation fears

Stocks futures were higher in early morning trading Wednesday as investors weighed the latest inflation data for March.

Futures on the Dow Jones Industrial Average rose 115 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures climbed 0.4% and 0.5%, respectively.

Data released Tuesday showed consumer prices rise 8.5% in March from the previous year — the highest level since 1981 — further fueling concerns of tighter monetary policy from the Federal Reserve. Core CPI rose 0.3%, slightly below expectations.

"I think it's very likely inflation peaked," Guggenheim Partners Global chief investment officer Scott Minerd told CNBC's "Closing Bell: Overtime" on Tuesday. "If it didn't peak in March, we're in the process of peaking." 

The 10-year Treasury hit a new three-year high, topping 2.82% before pulling back. On Wednesday, the benchmark rate traded at 2.75%.

Investors also awaited the start of the corporate earnings season, with JPMorgan Chase and Delta Air Lines slated to report.

Wall Street is coming off a downbeat session, as the major averages failed to hold on to sharp gains seen earlier in the day.