US stock futures are trading near record highs, while US Treasury bonds rise and oil prices decline. Traders are waiting for the US producer price data to find more clues about the Federal Reserve's interest rate path.

As of press time, all three major US stock index futures are up 0.2%. The yield on the 10-year US Treasury note fell 3 basis points to 4.67%. South Korean chip stocks extended their gains, but Cisco fell 5.8% in pre-market trading after the company's earnings outlook disappointed investors. Cerebras Systems Inc. plunged 17% due to a decline in its hardware business sales.

Market focus is shifting to the US producer price data, which is an important input for the Fed's preferred inflation indicator. Traders will also keep an eye on the results of the $25 billion 30-year US Treasury bond auction, with the expected issuance yield potentially hitting a 25-year high.

"A lot of things are going to get a lot more expensive, which will be a challenge for central banks going forward," said Michael Hewson, senior market analyst at iForex.