(Reuters) - U.S. stock index futures turned negative on Wednesday after a stronger-than-expected inflation print tempered market expectations for interest-rate cuts by the Federal Reserve.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.4% on a monthly basis in March, compared to the 0.3% increase expected by economists polled by Reuters. Annually, it increased 3.5%, versus a 3.4% estimated growth.

Excluding volatile food and energy components, the core figure rose 0.4% month-on-month in March, against expectations of a 0.3% advance. Annually, it gained 3.8%, versus the estimated 3.7% increase.

At 8:32 a.m. ET, Dow e-minis were down 330 points, or 0.84%, S&P 500 e-minis were down 52.25 points, or 0.99%, and Nasdaq 100 e-minis were down 234.5 points, or 1.28%.