In addition to inflation and US-China trade, a key bond auction is on investors' radar. A $22 billion sale of 30-year bonds is scheduled for Thursday.

S&P 500 futures traded near the benchmark's record highs as talks provide a glimmer of hope for a US-China trade deal.

China trade talks in London and downward revisions to U.S. payroll estimates—suggesting the Fed may consider cutting interest rates later this year, a move typically supportive for stocks. S&P 500 futures traded up marginally this morning after most Asian markets rose and Europe stayed flat in early trading.