US stock index futures decreased slightly on Wednesday following yesterday's rally, which followed a second straight week of gains in the equity market. Fears of an inverted yield curve have led to recession concerns. Furthermore, investors focused on developments in Ukraine, which fueled yesterday's upsurge in the stock market. Dow Jones Industrial Average futures slipped by 57 points, or 0.2%. S&P 500 futures fell by 0.2%, and Nasdaq 100 futures lost 0.4%.

The US and UK were skeptical about Russia's announcement to reduce military operations near Kyiv and Chernihiv. Despite de-escalation expectations, crude oil prices settled above $100 per barrel, suggesting US economic growth could slow down. High energy and food prices, as well as supply chain disruptions, could also weigh down on the EU economy and boost inflation even further. Christine Lagarde, president of the European Central Bank, warned that the war between Russia and Ukraine could have an adverse impact on the EU. Lagarde called upon politicians and investors to provide funding to ensure the stability of the European economy.

Yesterday, the Dow Jones and the S&P 500 had a fourth straight day of gains. The Nasdaq Composite gained 1.8%. The stock market increased by almost 10% over the past 10 days, despite having no positive events to give it support. Furthermore, traders have ignored the more aggressive Fed monetary tightening. Market players are aiming to profit from dividend yields of cheaper stocks amid the Fed monetary policy shift and rising US bond yields.

On Monday, 5-year and 30-year US Treasury yields inverted for the first time since 2016. Such an inversion has historically been a sign of upcoming recession. However, investors have ignored it. The yield of 2-year and 30-year US Treasury bonds remained positive. "Typically, you won't see a recession for an average of 20 months once a yield curve inverts. Our antennas are up that recession risk is heightened; that doesn't necessarily mean that there'll be one this year, though next year is more of a concern for us," Stephanie Lang, chief investment officer at Homrich Berg, told CNBC.

Today, investors would focus on economic growth and home sales data, as well as the ADP payrolls report. Esther George, president of the Federal Reserve Bank of Kansas City, will speak to the Economic Club of New York.

Premarket movers

Shares of Micron rose by 4.1% after the performance of the microchip manufacturer beat expectations of economists. The company's adjusted profits reached $2.14 per share in the second fiscal quarter, which is $0.17 higher than previously estimated. Strong chip sales also led to significantly higher revenues.

Lululemon gained 7% following an upbeat outlook and an announcement of a share buyback program.

BioNTech increased by 5.9% during the premarket after reporting significantly better-than-expected revenue and profit for the fourth quarter.

On the technical side, the S&P 500 successfully dipped below $4,588. Today, bears would likely to continue testing this area, while bulls would attempt to extend the uptrend. The index faces resistance at $4,665 - a breakout above it would open the way towards the highs at $4,722 and $4,818. If the S&P 500 breaks below $4,588, it could fall towards $4,539, with $4,488 becoming the next target for bearish traders.