(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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May CPI data due at 8:30 a.m. ET

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Oracle up on double-digit FY25 revenue growth forecast

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Paramount drops as Shari Redstone kills potential merger

with

Skydance

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Futures up: Dow 0.12%, S&P 0.13%, Nasdaq 0.14%

(Updated at 7:04 a.m. ET/1104 GMT)

By Lisa Pauline Mattackal and Johann M Cherian

June 12 (Reuters) - U.S. stock index futures traded flat

to marginally higher on Wednesday as investors awaited a key

inflation reading and a policy announcement from the Federal

Reserve as it concludes its two-day meeting.

Markets have been broadly cautious this week, seeking

clearer signs on the central bank's likely policy path, although

a surge in Apple ( AAPL ) shares helped lift the S&P 500

and the Nasdaq to record closing highs for the second

consecutive session on Tuesday.

Apple's ( AAPL ) shares edged down 0.5% in premarket trading. The

tech giant had leapt over 7% to a record high close in the

previous session, as investors cheered newly launched AI

features in its devices.

With a market capitalization of $3.18 trillion as of

Tuesday's close - just behind Microsoft ( MSFT ) - this latest

spurt saw Apple ( AAPL ) firmly reclaiming its spot ahead of AI chip

powerhouse Nvidia's ( NVDA ) $2.97 trillion in the race to

become the world's most valuable company.

The Consumer Price Index report for May is expected at 8:30

a.m. ET, while the Fed's policy announcement is due at 2 p.m.

ET.

"Today's CPI (and) the Fed meeting afterwards are being

anticipated to such an extent that there's a lot riding on

them... and we are perhaps overdue for a bit of a correction,"

said David Morrison, senior market analyst at Trade Nation.

May core inflation is expected to remain steady at 0.3% for

the month and edge down to 3.5% year-over-year. Headline CPI on

a monthly basis is forecast to fall to 0.1% from 0.3%.

"I think the market will be extremely happy if the numbers

come in as expected, given that it is still sort of a bull

market," Morrison said.

With rates overwhelmingly expected to remain unchanged,

markets will focus primarily on the central bank's updated

Summary of Economic Projections, particularly the "dot plot",

which shows where policymakers expect interest rates to stand

this year and in the long term.

While Wall Street has rallied in the past few months, much

of these gains have been driven by megacap growth stocks and

tech plays, causing some market participants to be concerned

about the sustainability of equity strength, particularly if the

Fed proves to be more hawkish.

While the S&P 500 technology index posted a record

closing high in the last session, nine of its 11 major sectors

were in the red, while the small-cap Russell 2000 fell

0.4%.

Markets now see a lower chance of the Fed's first rate cut

in September, pricing in just over a 50% chance, according to

the CME's FedWatch tool.

At

7:04

a.m. ET, Dow e-minis

were up 46 points, or 0.12%

, S&P 500 e-minis

were up 7.25 points, or 0.13%

, and Nasdaq 100 e-minis

were up 26.75 points, or 0.14%

.

Among single movers, Oracle gained 8.8% after

forecasting double-digit revenue in fiscal year 2025 after the

bell on Tuesday.

Paramount Global ( PARAA ) fell 2.1% after Shari Redstone,

its largest shareholder, ended talks for a potential merger with

David Ellison's Skydance Media, sources said.

The U.S. listing of electric-vehicle maker Nio

slipped 3.1% after a report that the European Commission will

apply extra duty on imported Chinese EVs.