US stock futures are trending slightly higher in Wednesday's premarket session ahead of housing and oil inventories data scheduled later in the morning.

The Dow Jones Industrial Average futures were up 0.42%, S&P 500 futures rose 0.33%, and Nasdaq futures gained 0.11%.

Oil prices were moving lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude declining 0.61% and 0.69% respectively.

Existing home sales figures for June are expected to decline slightly to an annual rate of 4 million from 4.03 million the previous month, according to Bloomberg.

Weekly crude oil inventories, which track the weekly change in barrels of commercial crude oil held by US firms, are expected to decrease by 1.4 million barrels.

In equities, shares of ABIVAX Societe Anonyme (ABVX) soared 440% after it reported positive topline results late Tuesday from its phase 3 trial of obefazimod to treat adult patients with moderately to severely active ulcerative colitis.

Shares of Pineapple Financial (PAPL) shot up 112%, adding to a 7.7% gain the previous session, and Vicor's (VICR) stock surged 47% after it reported late Tuesday that it swung to a profit in Q2, topping analyst forecasts.

On the losing side, CS Disco (LAW) stock tumbled 14% after a 1.2% gain on Tuesday. Shares of Pharvaris (PHVS) dropped 11% after it upsized a $150 million public offering to $175 million, and shares of Texas Instruments (TXN) fell 10% after a slight gain the previous session.