Futures on major U.S. stock indices point to a flat opening on Wednesday, following a mixed closing in the previous session.

Futures on the S&P 500 are down 0.18 percent and futures on the Dow Jones Industrial Average are down 0.08 percent, while Nasdaq100 futures up 0.09 percent.

In the absence of major economic data, strengthening of the dollar against major counterparts, renewed concerns about Europe's debt crisis and speculation over Chinese interest rate hike weighed on the market sentiment.

The dollar strengthened against most of its counterparts for the second day as extension of tax cuts brightened the outlook for U.S. growth. The euro declined 0.37 percent to 1.3212 against the dollar and the yen declined 0.75 percent against the greenback.

On the corporate front, Texas Instruments narrowed its earnings and revenue forecasts for the fourth quarter on late Tuesday. The company said quarterly earnings are currently expected to range from $0.61 to $0.65 per share compared to previous estimation of $0.59 to $0.67 per share.

U.S. retailer Costco Wholesale Corp reported 18 percent rise in first quarter net income on higher total and comparable sales. The company earned $312 million or $0.71 per share against analysts’ estimation of $0.69 per share.

On Tuesday, a moderate stock rally fueled by a compromise between President Obama and Republicans on tax extensions and unemployment benefits petered out in late-session trading, resulting in narrowly mixed results for major equity indices.

Crude for January delivery declined 0.71 percent to $88.06/barrel ahead of Energy Department’s inventory data, which is expected to show stockpiles declined 900,000 barrel.

European stock markets are currently trading mixed with FTSE 100 down by 3.97 points and DAX30 down by 13.22 points, while CAC 40 up by 13.23 points.