Wall Street is pointed toward new heights before the opening bell Wednesday after new U.S. inflation data raised hopes that the Federal Reserve will cut its benchmark interest rate next month. Futures for the S&P 500 and Nasdaq each ticked up 0.

Signs that U.S. taxes on imports have not fully filtered into headline consumer prices sparked a relief rally on Wall Street in the previous session, with the benchmark S&P 500 marking its first record high close in two weeks.

Wall Street futures pointed to a higher open on Tuesday, supported by ongoing optimism over potential Federal Reserve interest rate cuts, while investors assessed a fresh batch of corporate earnings.