Cardinal shares tumbled 6% in early morning action, while Circle stock jumped 6.5%. On stock surged 12%, as Sea shares climbed nearly 9%. Finally, Tencent Music shares rallied 4.5% in premarket trading. The Labor Department's July CPI inflation data is due out at 8:30 a.m. ET.

Stocks rose sharply Tuesday after highly anticipated inflation numbers came in largely as expected and reinforced expectations that the Federal Reserve will cut interest rates soon.