• US stock index futures point to a positive opening on Wednesday.
• Wall Street's main indexes suffered heavy losses on Tuesday.
• Markets see a less than 50% probability of a Fed rate cut in May after January inflation data.

S&P 500 futures rise 0.54%, Dow Jones futures climb 0.32%, and Nasdaq futures gain 0.73%.

S&P 500 (SPX), Dow Jones (DJIA), and Nasdaq (IXIC) indexes closed on Tuesday with a 1.37% loss, a 1.35% drop, and a 1.80% fall, respectively.

What to know before stock market opens

• All major sectors of the S&P 500 closed deep into negative territory on Tuesday. The Consumer Discretionary was the worst-performing S&P 500 sector, losing 1.96% on the day.  
• Ecolab Inc. (ECL) climbed nearly 9%, ending at $221.18 as the top gainer on Tuesday. On the flip side, Moody's Corp tumbled 7.9% to end the day at $369.23 as the day's single worst performer.
• The CBOE Volatility Index (VIX), Wall Street's fear gauge, rose nearly 14% to highlight risk aversion on Tuesday. Ahead of the opening bell on Wednesday, VIX is down more than 5%.
• Inflation in the US, as measured by the change in the Consumer Price Index (CPI), softened to 3.1% on a yearly basis in January from 3.4% in December, the US Bureau of Labor Statistics (BLS) reported on Tuesday. This reading came in above the market expectation of 2.9%. The Core CPI, which excludes volatile food and energy prices, rose 3.9% in the same period, matching December's increase and surpassing analysts' estimate of 3.7%.
• According to the CME FedWatch Tool, the probability of a Federal Reserve (Fed) rate cut in May declined toward 30% from nearly 55% ahead of the January inflation data.
• Later in the week, January Retail Sales, Industrial Production and Producer Price Index (PPI) data will be featured in the US economic calendar.
• On Tuesday, Coca-Cola Co. (KO) reported that revenue rose 7.4% to $10.95 billion from a year ago for the quarter ended in December, per Reuters. The company announced that the quarterly net income was $1.97 billion for that period and cited higher product prices and robust demand for the upbeat results.
• Airbnb Inc. (ABNB) said after the closing bell on Tuesday that quarterly adjusted earnings were 76 cents per share in the quarter ended in December. The company’s revenue increased 16.6% to $2.22 billion from a year ago, but there was a quarterly loss of $349 million.
• Cisco Systems Inc. (CSCO), Equinix Inc. (EQIX) and Occidental Petroleum Corp (OXY) are among the top companies that will report earnings after the closing bell on Wednesday