(RTTNews) - With investors reacting positively to a highly anticipated reading on U.S. inflation, stocks are likely to move to the upside in early trading on Wednesday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures jumping by 415 points.\nThe futures surged following the release of a report from the Labor Department showing U.S. consumer prices unexpectedly came in flat in the month of July.\nThe Labor Department said its consumer price index was unchanged in July after jumping by 1.3 percent in June. Economists had expected consumer prices to edge up by 0.2 percent.\nCompared to the same month a year ago, consumer prices in July were up by 8.5 percent, reflecting a bigger than expected slowdown from the 9.1 percent spike in June.\nThe annual rate of price growth was expected to slow to 8.7 percent from the four-decade high seen in the previous month.\nMeanwhile, the report said core consumer prices, which exclude food and energy prices, rose by 0.3 percent in July after climbing by 0.7 percent in June. Core prices were expected to increase by 0.5 percent.\nThe annual rate of core consumer price growth was unchanged at 5.9 percent, while economists had expected an acceleration to 6.1 percent.\nThe tamer than expected inflation data is likely to lead to speculation that the Federal Reserve will slow the pace of interest rate hikes at its September meeting.\nNot long after the start of trading, the Commerce Department is due to release its report on wholesale inventories in the month of June. Wholesale inventories are expected to jump by 1.9 percent.\nAfter ending Monday's trading little changed, stocks moved mostly lower over the course of the trading session on Tuesday. The major averages all moved to the downside, with the tech-heavy Nasdaq showing a particularly steep drop.\nThe Nasdaq tumbled 150.53 points or 1.2 percent to 12,493.93 and the S&P 500 fell 17.59 points or 0.4 percent to 4,122.47. Meanwhile, the Dow posted a more modest loss, edging down 58.13 points or 0.2 percent to 32,774.41.\nIn overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan's Nikkei 225 Index slid by 0.7 percent, while Hong Kong's Hang Seng Index plunged by 2 percent.\nMeanwhile, the major European markets have moved to the upside on the day. While the German DAX Index has jumped by 1.1 percent, the French CAC 40 Index is up by 0.7 percent and the U.K.'s FTSE 100 Index is up by 0.4 percent.\nIn commodities trading, crude oil futures are falling $0.54 to $89.96 a barrel after slipping $0.26 to $90.50 barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,821.80, up $9.50 compared to the previous session's close of $1,812.30. On Tuesday, gold rose $7.10.\nOn the currency front, the U.S. dollar is trading at 132.88 yen compared to the 135.05 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0339 compared to yesterday's $1.0213.\nThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.