Wednesday's session will be highlighted by the latest read on inflation at the consumer level, which will likely assuage the fears of those worried the Federal Reserve will be forced to raise interest rates, as well as earnings from FedEx ( FDX).

At 8:30 a.m. EDT, the Labor Department will release its consumer price index. Economists expect the headline CPI number to have climbed 0.3% in May and the core number to rise only 0.1%, compared to 0.3% in April.

Some investors have been concerned that the central bank will have to raise the fed funds rate to combat rising inflation.

Meanwhile, Fed Chairman Ben Bernanke will speak at the Operation HOPE Global Financial Literacy Summit on Wednesday, offering comments on community development financial institutions.

On the earnings front, FedEx is scheduled to report fiscal fourth-quarter earnings before the market opens. Analysts expect the company to report a profit of 52 cents a share on revenue of $8.34 billion, according to Thomson Reuters. That would compare to an adjusted profit of $1.45 a share on sales of about $9.87 billion in the year-ago quarter and earnings of 31 cents a share on revenue of $8.14 billion in the previous quarter.

In other stock news, Mattel ( MAT) will host an analyst day, while chief executives from Research in Motion ( RIMM), Ford ( F), Dow Chemical ( DOW) and Waste Management ( WMI) will be present at a summit convened by the Detroit Economic Club.

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