On the New York Stock Exchange NYSE in Manhattan, New York City, traders work on the trading floor.
The Reuters U.S stock index futures edged higher on Wednesday ahead of consumer prices data that will allow investors to determine if inflation is peaking and to adjust their expectations on future interest rate hikes.
The price of gasoline is expected to increase at a much slower pace in July due to the drop in food inflation, although food inflation is expected to remain elevated.
Economists polled by Reuters expect the Consumer Price Index to show a year-on-year headline inflation of 8.7%, far above the Fed's target of 2%, but lower than last month's 9.1%.
Core inflation is seen rising to 6.1% from 5.9%, showing that inflation pressures are high.
After a rough start to the year, the benchmark S&P 500 is up close to 13% from its mid-June low, largely due to expectations that the Federal ReserveFederal Reserve will be less hawkish than anticipated in its efforts to provide a soft landing for the economy.
The strong jobs report last week raised the stakes for the inflation numbers that are shaping up to be a key test for the summer rally in equities.
The market is pricing in a 67.5% chance of a 75 basis point increase in fund rates at the Fed's next meeting in September.
Dow's e-minis were up 56 points, or 0.17%, S&P 500 e-minis were up 6.75 points, or 0.16%, and Nasdaq 100 e-minis were up 18.75 points, or 0.14%, according to ET.
In the premarket trading, Tesla Inc. gained 1.8% after Chief Executive Elon Musk sold $6.9 billion worth of company's shares.
He said the funds could be used to finance a potential Twitter deal if he loses a legal battle. The shares of Twitter went up by 3.5%.
Meta Platforms Inc raised $10 billion in its first bond offering on Tuesday, a 0.5% increase from the Facebook-parent said on Tuesday.
Coinbase Global Inc fell 6.1% after it reported a larger than expected quarterly loss as investors worried about the rout in risky assets shied away from trading in cryptocurrencies.