US equity futures were lower pre-bell Wednesday as traders digested earnings from major retailers.

Dow Jones Industrial Average futures fell 0.8%, S&P 500 futures dropped 0.6%, and Nasdaq futures were down 0.5%.

Lowe's (LOW) and Target (TGT) both posted lower fiscal Q1 earnings and sales, while TJX (TJX) reported lower fiscal Q1 earnings and higher net sales.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.3% at $66.24 per barrel and US West Texas Intermediate crude 1.5% higher $62.97 per barrel.

On the economic calendar, the Atlanta Fed Business Inflation Expectations report for May is scheduled for release at 10 am ET, followed by the Energy Information Administration's weekly petroleum status bulletin at 10:30 am.