Wall Street futures pointed moderately lower pre-bell Wednesday as traders weighed rising oil prices, and again assessed rich values of AI- and semiconductor-sector shares.

In the futures, the S&P 500 fell 0.2%, the Nasdaq declined 0.6% and the Dow Jones was off 0.1%.

West Texas Intermediate crude oil traded up 3.3% at $87.13, in morning hours.

The VanEck Semiconductor fund (SMH) traded down 1.7% pre-bell, after a 4.5% rise on Tuesday.

However, Super Micro Computer (SMCI) shares rose 16.5% pre-bell after the AI-server maker issued a business update late Tuesday, revealing $60 billion order backlog and a surge in expected profit margins.

Alphabet (GOOG, GOOGL), and Tesla (TSLA) are slated to report earnings after-bell.

Asian exchanges traded unevenly overnight, pressured by rising oil prices.

European bourses tracked moderately north midday on the continent.

On the economic calendar is the Atlanta Fed Business Inflation Expectations report for July at 10 am ET, followed by the weekly EIA petroleum status bulletin at 10:30 am.

In premarket action, Bitcoin traded at $65,930, and 10-year US Treasuries offered 4.63%. Spot gold commanded $4,119 an ounce.