A sharp pullback in expectations for Fed interest-rate increases has taken some of the pressure off markets. Stock futures are mixed and long-dated bonds are rebounding from a brutal selloff that drove the 10-year U.S. Treasury yield close to a 25-year high a day earlier. The benchmark yield eased to 5.2% in early trading.

The reversal came after a Fed official yesterday suggested the central bank isn't in a rush to raise interest rates. The odds of a rate-increase at the Fed's October meeting slid to 43% from 71% a day earlier, according to CME Group data. Oil prices have also eased in recent days as exports from the Middle East pick back up, though they are picking up somewhat in morning trading.

Fresh data on inflation will test the market calm today. The Fed's preferred inflation gauge is due out this morning and is expected to show price-growth ticked higher last month. In Europe, early readings on September inflation in France and Germany showed price pressures mounting.