Stock futures held lower Wednesday as U.S. producer prices and industrial production in October came in unchanged. 

S&P 500 futures were down 0.44%, Dow Jones Industrial Average futures fell 0.33%, and Nasdaq futures slid 0.4%. The Dow was set to snap a seven-day winning streak that propelled the index to record closing highs for the past four sessions. 

Industrial production in the U.S. was unchanged at 104.2 in October. Economists had anticipated a 0.1% increase. Producer prices last month also were unchanged, the Bureau of Labor Statistics reported on Wednesday. Economists anticipated prices to increase 0.3%. Core producer prices, excluding food and energy, fell 0.1%. Core prices rose 1.6% over the past 12 months. 

Crude oil fell on Wednesday as investors awaited a weekly reading on stockpiles from the Energy Information Administration. Analysts anticipate 1.1 million barrels of crude to have been added to inventories in the week ended Nov. 11. A separate reading from the American Petroleum Institute showed stockpiles rising by 3.7 million barrels over the past week. 

Oil prices rocketed to their best level in three weeks on Tuesday on renewed hope of a production freeze agreement among major oil producers. The Organization of Petroleum Exporting Countries are set to meet in Vienna on Nov. 30 to discuss a possible arrangement. 

West Texas Intermediate crude was down 1.5% to $45.11 a barrel on Wednesday morning. 

An interest rate hike in December is looking more and more likely after Federal Reserve Bank of St. Louis President James Bullard joined the chorus of Fed members leaning toward an end-of-year increase. Bullard noted that the Fed's monetary policy outlook has not changed following Donald Trump's presidential victory. 

"A single policy rate increase, possibly in December, may be sufficient to move monetary policy to a neutral setting," Bullard said in a speech in London.

The chances of a December rate hike currently sit at 90%, according to CME Group fed funds futures. The likelihood has risen since the Fed opted to leave rates unchanged at their November meeting, but strongly telegraphed a December move in its statement. 

In earnings news, Lowe's (LOW) tumbled 5% in premarket trading after falling short of third-quarter earnings and revenue estimates. The home-improvement retailer earned an adjusted 88 cents a share compared to expectations of 96 cents. Same-store sales growth of 2.7% missed analysts' 3% target, while sales of $15.74 billion came in below consensus of $15.84 billion. 

Target (TGT) surged more than 8% before the bell after exceeding quarterly estimates and raising its outlook. Third-quarter adjusted earnings of $1.04 a share breezed past consensus of 83 cents. Same-store sales declined 0.2%, far better than an anticipated 1% drop. The retailer expects same-store sales over the holiday-shopping quarter within a range of a 1% drop to 1% gain. Target had previously targeted down 2% to flat.  

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