Wall Street Eyes Inflation Data Amid Tech Stock Surge

U.S. futures linked to the S&P 500 and Nasdaq rose slightly as key inflation data looms. The consumer price index is expected to influence the Federal Reserve's interest rate decisions. Megacap stocks saw gains, while Wall Street's main indexes approach record highs despite previous losses in technology stocks.

U.S. stock futures for the S&P 500 and Nasdaq edged higher on Wednesday as investors focused on a crucial upcoming inflation report. This data could play a significant role in determining the Federal Reserve's future interest rate decisions.

The consumer price index (CPI) data, expected at 8:30 a.m. ET, is among the last major indicators before the Federal Reserve's December meeting. The report is anticipated to show a monthly inflation increase of 0.3% and an annual rise to 2.7%, which remains above the Fed's target.

Market expectations, influenced by recent employment data, suggest an over 86% chance of a 25 basis point rate cut next week. Meanwhile, megacap and growth stocks like Alphabet, Nvidia, and Tesla traded higher in premarket activity.

(With inputs from agencies.)