U.S. equity futures edged lower in early Wednesday trading, while Treasury yields moved higher and the dollar steadied, as investors looked to a key inflation reading that could accelerate repricing of the so-called 'Trump Trade' and test the market's solid post-election rally.

Investors are assessing whether the post-election rally is about to stall and what Donald Trump's Cabinet picks mean for policy.

Still, the market indicates a 37.9% chance that the Federal Reserve will keep interest rates steady next month. Trump's policies are expected to have a potentially inflationary impact, and the market is debating whether interest rates will remain higher for longer as the Fed is again forced to confront rising prices.

S&P 500 futures are down 0.1%. Dow Jones Industrial Average futures are dipping 0.2%. Nasdaq 100 futures are falling 0.1%. On Tuesday, the Dow Jones Industrial Average fell 382 points, or 0.86%, to 43,