Stock futures turn lower after economic reports showed retail inflation rose and housing starts fell more than expected; S&P and Dow -0.2%, Nasdaq -0.1%.
Asian markets ended on a mixed note, while European indexes trade in the green but with limited gains so far.
The CPI number casts doubt on "whether the Fed can really wait until the middle of 2015 before raising interest rates," market analyst Peter Boockvar says. "The inflation data may no longer give them such time and is the one thing that can muck up their exit plans."
Treasurys enter the session near their lows, with the benchmark 10-year yield up 3 bps at 2.63%.
With Iraq tensions easing just a bit, WTI crude oil pulls back, Brent crude oil is up slightly, and precious metals are lower.