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Futures up: Dow 0.03%, S&P 0.05%, Nasdaq 0.01%

May 15 (Reuters) - U.S. stock index futures were little

changed on Wednesday ahead of the crucial consumer prices data

that will test the recent market rally fueled by hopes of

monetary policy easing by the Federal Reserve.

The tech-heavy Nasdaq notched a fresh record closing

high on Tuesday after Fed Chair Jerome Powell's assessment of

U.S. growth and inflation reassured investors as they digested

hotter-than-expected producer prices print for April.

The U.S. Labor Department is expected to report that the

consumer price index (CPI) likely gained 0.4% in April,

reflecting a similar rise in March, according to economists

polled by Reuters.

A stronger-than-expected CPI could amplify concerns about

sticky inflation and spark worries that a too-hot economy will

force the Fed to delay its interest rates easing cycle.

"While we'd expect it to remain too elevated for the US

Federal Reserve to feel confident that the time has come to

start cutting interest rates, it would mark a step in the right

direction," said Julien Lafargue, chief market strategist at

Barclays Private Bank, in a note.

Traders see a 50.5% chance that the U.S. central bank will

start cutting rates in September, according to the CME FedWatch

Tool.

Still, stocks have rallied so far this year on

better-than-expected earnings for the first quarter and

expectations that the Fed will be able to cool inflation without

badly hurting growth and eventually transition to cutting

interest rates.

The benchmark S&P 500 is whiskers away from a record

high, while the blue-chip Dow is also set to breach the

40,000-mark for the first time.

Retail sales data is on tap at 8:30 am ET, while investors

will also keep a close eye on commentary from Federal Reserve

officials including Neel Kashkari, Michael Barr and Michelle

Bowman.

At 05:02 a.m. ET, Dow e-minis were up 11 points, or

0.03%, S&P 500 e-minis were up 2.75 points, or 0.05%,

and Nasdaq 100 e-minis were up 1 points, or 0.01%.

Most megacap growth and technology stocks were range-bound

in premarket trading, while Tesla outpaced peers with a

0.8% advance.

Retail investor darlings such as GameStop ( GME ) and AMC

Entertainment ( AMC ) gained 14.5% and 11.7%, respectively, set

to extend this week's rally after posts from "Roaring Kitty"

Keith Gill, a central figure behind the 2021 meme stock frenzy.

Shares of New York Community Bancorp rose 4.9%

after the embattled lender said on Tuesday it has agreed to sell

about $5 billion in mortgage warehouse loans to JPMorgan Chase ( JPM )

.

(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by

Sriraj Kalluvila)