Equity futures fall after tepid trading session

U.S. equity futures fell after a tepid trading session on Wall Street amid worries about a global recession.

The major futures indexes suggest a decline of 0.3% when the trading day begins.

Oil prices rebounded to recoup some of Tuesday's losses. The price of U.S crude oil fell to $8.93, falling below $100 a barrel for the first time since early May.

On Wednesday, the benchmark crude oil was trading around $101 per barrel. Markets were focusing on a wide range of risks including inflation, oil prices, moves by the U.S. Federal Reserve and other central banks on interest rates, political developments in Britain and worries over COVID 19 -- 19, according to analysts.

Traders and investors will get insight Wednesday afternoon into last month's decision by the Federal Reserve to raise its benchmark interest rate by 75 basis points for the first time in nearly three decades. The minutes of the meeting will be published at 2 p.m. in Washington.

There are reports on the services sector and job openings on the economic agenda.

Amazon.com has agreed to add Grubhub to its suite of Prime services in the US in a deal that gives the e-commerce giant the option to acquire a small stake, according to the Wall Street Journal. Amazon has an initial option to take a 2% stake in the U.S. based Grubhub, and U.S. Prime members can have their delivery fees waived from select restaurants, according to Grubhub's parent, Netherlands-based Just Eat Takeaway.com NV.

The late-afternoon rally led by technology companies led to a late-afternoon rally on Wall Street.

The S&P 500 rose 0.2% to 3,831. The Nasdaq climbed 1.7% to 3,831. The Dow Jones Industrial Average fell 0.4% to 30,967, down 0.4%. The investors are looking forward to the next round of corporate earnings. Some big companies recently warned that their financial results are being squeezed by inflation, including spice and seasonings maker McCormick.