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Inventory futures are flat after a Three-day successful streak for Nasdaq

US stock futures were steady in overnight trading on Wednesday after the Nasdaq Composite rose for a third time despite a late-breaking CPI report.

Dow futures rose just 20 points. S&P 500 futures were up 0.05% and Nasdaq 100 futures were up 0.04%.

Shares in homebuilder KB Home gained more than 6% in after-hours trading after reporting better-than-expected earnings.

On Wednesday, the major moving averages rose despite strong pressure from the CPI inflation report. The Dow Jones Industrial Average rose about 38 points and the S&P 500 gained 0.3%. The Nasdaq Composite rose 0.2% for the third straight day.

The December consumer price index, a key measure of inflation, rose 7%, according to the department's Bureau of Labor Statistics. On a monthly basis, the CPI increased by 0.5%. Economists expected the consumer price index to rise 0.4% in December and 7% year-on-year, according to the Dow Jones.

The annual move was the fastest increase since June 1982.

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"Equities have shrugged off the sticker shock of historically high inflation numbers, but that was also widely expected and is truly an incredible non-event today," said Ryan Detrick of LPL Financial. “What we're excited about is earnings season, which is just around the corner. We expect another solid performance from American companies, while it will also be a chance to shift our focus away from the Fed and politics and instead get under the hood and see how the economy is really doing ."

The December PPI, another measure of inflation, is then released on Thursday morning.

Also on the data front, Initial Jobless Claims for the week ended Jan. 8 will be released at 8:30 am. Economists polled by Dow Jones are forecasting 200,000 people to have filed for unemployment, up from 207,000 the previous week.

Fourth quarter earnings season begins this week with several major banks reporting before the bell on Friday.

Delta Air Lines will report Thursday morning. Wall Street expects Delta to post earnings per share and revenue more than double last year.

“Of course, in the near term, the stock market is still vulnerable to a poor PPI inflation report, but earnings season is about to begin and with strong fourth quarter economic growth, expect further evidence of continued solid corporate earnings to calm the time tightening the Fed and fears of inflation," said Jim Paulsen, Leuthold Group's chief investment strategist.

For the week, the S&P 500 and Nasdaq are up 1.1% and 1.7%, respectively. The Dow is up slightly since Monday.

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