Markets fell Wednesday morning after the consumer price index came in higher-than-expected in January jumping to 0.5%. Economists had been expecting core CPI to come in at 0.2% in January compared with 0.3% in December, with year-on-year growth at 1.7% compared 1.8% in January 2017.

Wall Street futures fell into negative after the data. The Dow Jones Industrial Average is expected fall 258 points at open and S&P 500 mini futures were also down at 8:37 am Eastern time.

Markets closed in positive territory Tuesday for the third straight session, with the S&P 500 shaking off a negative start to close 0.26% up at 2,662.94 and the DJIA closed at 24,640.45 or 0.16% up.

Fossil Group Inc. (FOSL) shares were up 78.9% in premarket trading after the Texas-based watchmaker reported a better-than-expected fiscal fourth quarter. The company saw sales decline 4% to $921 million, which was well above the $889.6 million expected by analysts. In the full year, sales rose 1.1%, beating the company's expectations of a decline of between 1.5% and 6%.

Chipotle Mexican Grill Inc.  (CMG)  were up 11.8% in the premarket after the restaurant company named Taco Bell CEO Brian Niccol as its new chief executive. Niccol, who has run Taco Bell, a unit of Yum! Brands Inc. YUM, for three years, will succeed Chipotle founder Steve Ells on March 5.

The yen climbed to a 15-month high on Tuesday, rising 0.6% to ¥107.22 per dollar. Treasury yields also advanced, as did gold, giving a slight feel of a move to safe havens. The yield on 10-year Treasuries fell one basis point to 2.82%, German 10-year bund yield fell two basis points to 0.73% and Gold rose 0.4% to $1,334.31 an ounce.

European markets are up on Wednesday, but pared gains after the U.S. inflation data. London's FTSE 100 was down 0.09% to 7,159. Germany's Dax was down 0.51% to 12,132.5 and France's Cac 40 was down  0.19% to 5,099.

Sky plc (SKYAY) surged more than 3%, changing hands at 1,092 pence above 21st Century Fox's (FOXA) bid price, after it won three of the four packages of broadcasting rights for Premier League soccer games sold after a five-day auction. The Premier League said the matches sold so far were worth £4.46 billion ($6.18 billion), less than the £5.1 billion secured for all matches in the last rights auction.

H&M Hennes & Mauritz AB (HNNMY) shares were down 3.59% on Wednesday after the company said it expected same-store sales to fall this year but would recover in 2019, as it shifts its strategy towards online sales. H&M said it expects online sales to rise at least 25% this year. The retailer, which has lagged competitors, said ahead of a capital markets day Wednesday that online sales now made up 12.5% of total group sales.

New Business, which runs the H&M group's newer brands COS, Weekday, Cheap Monday, Monki, H&M Home, & Other Stories and ARKET, is growing well and sales amounted to Skr17 billion ($2.1 billion) or 7% of the H&M group's total sales.

Competitor Zara-owner Inditex SA (IDEXY) shares gained 1.96% in Spain, changing hands at €26.49.

Asian markets were mixed Wednesday, Japan's Topix lost 0.82% and the Nikkei was down 0.43% as the yen climbed.

Hong Kong's Hang Seng was up 2.27% ahead of Lunar New Year holiday which will see markets closed until Tuesday. The Shanghai Composite Index gained 0.8% after fluctuating throughout the day before its week-long shut down for the New Year.

Ready for Morning Jolt today? You should be. More from the Morning Jolt Archives:

More from Futures

What Drives Commodity Volatility?

What Drives Commodity Volatility?

Trader's Edge: Gold Futures vs Gold ETFs and OTC Markets

Trader's Edge: Gold Futures vs Gold ETFs and OTC Markets

Market Movers: December FOMC Meeting

Market Movers: December FOMC Meeting

Why Did Markets Respond This Way to China Trade News?

Why Did Markets Respond This Way to China Trade News?

Striking Options: Tremendous Volatility, Energy, and Equities

Striking Options: Tremendous Volatility, Energy, and Equities