U.S. stock index futures slipped on Wednesday as a rally in technology and growth stocks from the previous session eased, while higher oil prices stoked worries of a further rise in global inflation.

Microsoft Corp. and Apple Inc. edged 0.4% lower in premarket trading after gaining more than 1% each on Tuesday.

The rate-sensitive growth stocks also came under pressure from elevated Treasury yields, with the benchmark 10-year back above 3%.

Against the backdrop of rising borrowing costs, investor will this week squarely focus on the consumer price index data due on Friday.

A hot reading would likely spook markets already worried about how the U.S. Federal Reserve will balance growth and inflation as it withdraws its pandemic-era policy support to the economy.

Volatility has gripped Wall Street in recent sessions as market participants debated whether the market has hit a bottom in the wake of a sharp selloff this year.

The benchmark S&P 500 index has climbed 9.2% since May 20 after falling as much 20.05% so far this year. It was last down 12.7% for the year, the blue-chip Dow declined 8.7% and the tech-heavy Nasdaq has shed 22.2%.

At 6:44 a.m. ET, Dow e-minis were down 162 points, or 0.49%, S&P 500 e-minis were down 18.5 points, or 0.44%, and Nasdaq 100 e-minis were down 44.5 points, or 0.35%.

Carnival Corp slid 3.4% after Morgan Stanley cut its price target on the cruise operator's stock.

Energy shares gained, with Conocophillips adding 1.5% as Brent Crude hit $122 a barrel.

Western Digital Corp rose 3.5% after the memory storage devices maker said it was reviewing options, including splitting its flash-memory and HDD businesses.