US stock futures rose on Tuesday, with techs eyeing a bounce back ahead of a key inflation print that will help set expectations for the timing of a Federal Reserve shift to cutting interest rates.
S&P 500 (^GSPC) futures edged up 0.2%, while those on the tech-heavy Nasdaq 100 (^NDX) added 0.4% after two days of losses. Dow Jones Industrial Average (^DJI) futures were little changed.
Stocks face a crucial test in the Consumer Price Index release due at 8:30 a.m. ET., one of the most important data inputs for the Fed in deciding its next policy move. The report is expected to show a gain of 0.4% in February, compared with a 0.3% rise the month before.
Any surprise could prove a catalyst for stocks, given Fed policymakers have said they want to be sure inflation is easing before beginning to bring rates down from their historically high level. S&P 500 traders are hedging moves of 0.9% in either direction, a big shift that promises volatility around the data.
Meanwhile, bitcoin (BTC-USD) continued its record-setting rally with a rise to $72,240. Surging inflows into crypto assets have helped the leading token to notch an almost 70% gain this year so far, prompting bulls to predict bitcoin could reach as high as $350,000 this year.
On the corporate front, Oracle (ORCL) shares jumped 13% in premarket trade on signs the database giant is making progress in cloud computing amid a tie-up with AI chip giant Nvidia (NVDA).
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