The U.S. Commerce Department released wholesale inventories on Wednesday. Wholesale inventories in the U.S. rose 0.3% in January, beating expectations for a 0.2 decline, after a flat reading in December. December's figure was revised up from a 0.1% decline.

The rise was driven by an increase in inventories of non-durable goods. Inventories of non-durable goods increased 1.1% in January, while inventories of durable goods fell 0.3%.

Wholesale sales slid 1.3% in January, after a 0.6% fall in December.