LB:CC - Wall Street Gears up for Inflation Report Futures Little Changed

U.S. stock futures were slightly higher Wednesday morning as investors looked toward the first potentially pivotal inflation report slated for release this week.

Futures for the Dow Jones Industrials climbed 58 points, or 0.2%, to 34,522.

Futures for the S&P 500 advanced 58 points, or 0.2%, to 4,445.25.

Futures for the NASDAQ leaped 53.75 points, or 0.4%, to 15,315.

Investors are eyeing the June consumer price index reading due before the bell Wednesday. Economists polled by Dow Jones anticipate the closely followed inflation indicator will rise 0.3% from May and 3.1% on an annualized basis. Excluding volatile food and energy prices, the so-called core CPI is forecast to increase 0.3% on the month and 5% on the year.

June data for the producer price index — another well-watched gauge of inflation — is due Thursday before the bell. Both price indexes are being watched for tea leaves on the path of inflation, which investors see as potential harbingers for how the Federal Reserve will move interest rates going forward. The market is pricing in an approximately 92% chance the Fed raises interest rates at the July meeting.

In Japan, the Nikkei 225 capsized 0.8% Wednesday, while in Hong Kong, the Hang Seng Index zoomed 1.1%

Oil prices picked up 34 cents to $75.17 U.S. a barrel.

Gold prices grabbed $1.80 to $1,938.90. U.S. an ounce.