07:41 AM EDT, 09/09/2025 (MT Newswires) -- US equity futures were trending higher on Tuesday as traders brace for the release of key inflation data later this week.

The S&P 500 and the Dow Jones Industrial Average edged up 0.1% each, while the Nasdaq rose 0.2% in premarket activity. The indexes finished the previous trading session higher, with the Nasdaq reaching a record high.

The official US producer price report for August is scheduled to be released Wednesday, followed by consumer inflation data for the same month on Thursday. The consumer price index is expected to have increased 0.3% sequentially and 2.9% annually in August, according to a Bloomberg-compiled consensus.

"A hotter (above expectation) CPI reading caused by stronger demand or tariff pass-through could complicate the Fed's rate-cutting deliberations and would possibly not be good news for equity markets," D.A. Davidson said in a Monday client note. "A softer CPI reading would support the lower rate trajectory."

The Federal Reserve is expected to cut rates twice after its meeting next week, with the central bank unlikely to adopt an aggressive approach to monetary policy easing, Oppenheimer Asset Management said Monday.

Markets are currently pricing in an 88% probability that the Federal Open Market Committee will reduce its benchmark lending rate by a quarter percentage point at its Sept. 17 meeting, with the remaining odds in favor of a 50-basis-point cut, according to the CME FedWatch tool.

Treasury yields were moving up in premarket action, with the two-year rate inclining 0.8 basis points to 3.5% and the 10-year rate adding 1.7 basis points to 4.06%.

On Tuesday's economic calendar, the National Federation of Independent Business small business optimism index posted a 0.5-point increase for August to 100.8.

The Bureau of Labor Statistics is expected to announce revised employment numbers for the 12 months through March 2025 on Tuesday, likely showing fewer jobs were added than previously reported, according to several media reports.

Apple's ( AAPL ) stock slipped 0.4% pre-bell with the technology giant expected to unveil its highly anticipated iPhone 17 on Tuesday. Wedbush Securities recently highlighted an opportunity for the company, saying millions of users have not upgraded their iPhones in four years.

Shares of Tourmaline Bio ( TRML ) climbed 57% pre-bell after the company agreed to be acquired by Novartis (NVS) in a $1.4 billion deal. Casey's General Stores (CASY) declined 2.2% following the convenience store operator's quarterly results.

Oracle (ORCL), Synopsys ( SNPS ) , Rubrik ( RBRK ) and GameStop ( GME ) are scheduled to release their latest quarterly results after the markets close Tuesday. Core & Main ( CNM ) , SailPoint ( SAIL ) , Korn Ferry ( KFY ) and Hello Group ( MOMO ) post earnings before the bell, among others.

West Texas Intermediate crude oil increased 0.8% to $62.76 a barrel before the opening bell. On Sunday, eight members of the Organization of the Petroleum Exporting Countries and its allies agreed to raise October output by 137,000 barrels per day.

Gold nudged 0.4% higher to $3,692 per troy ounce, while bitcoin rose 0.7% to $112,863.