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Futures up: Dow 0.07%, S&P 0.07%, Nasdaq 0.15%

May 16 (Reuters) - U.S. stock index futures inched

higher on Thursday, putting Wall Street on track to extend gains

from the all-time highs hit in the previous session as a tepid

inflation report bolstered hopes of interest-rate cuts.

All three major indexes notched record closes after a

smaller-than-expected rise in consumer inflation fueled optimism

that inflation was easing after three months of

higher-than-expected numbers.

The market is back to betting on two quarter-point interest

rate cuts from the Federal Reserve this year, with traders

seeing a 72.4% chance of the first one in September, according

to the CME FedWatch Tool.

The Dow is on track to cross the 40,000-mark for the

first time, marking the blue-chip index's fastest 10,000-point

climb, powered by strong quarterly results and rising bets of

rate cuts.

Several Fed officials are expected to speak through the day,

including Thomas Barkin, Loretta Mester, Raphael Bostic, Patrick

Harker and Michael Barr.

On the economic front, investors awaited data on initial

claims for state unemployment benefits due at 8:30 a.m. ET for

cues on the strength of the labor market.

At 05:00 a.m. ET, Dow e-minis were up 28 points, or

0.07%, S&P 500 e-minis were up 3.5 points, or 0.07%, and

Nasdaq 100 e-minis were up 28.25 points, or 0.15%.

Investors also waited for quarterly results from Walmart ( WMT )

for indications on U.S. consumer spending, with shares

of the retailer up 1.2% in premarket trading.

Most megacap growth and technology stocks climbed, with

Nvidia ( NVDA ) leading gains.

Cisco Systems ( CSCO ) rose 4.6% after the network equipment

maker forecast fourth-quarter revenue above Wall Street

expectations.

U.S.-listed shares of Chubb jumped 9.8% after Warren

Buffet's Berkshire Hathaway ( BRK/A ) revealed a stake of 25.9

million shares worth $6.7 billion in the insurer.

Popular meme stocks GameStop ( GME ) and AMC Entertainment ( AMC )

slid 16.2% and 12%, respectively.

They were set to extend Wednesday's losses, after their

two-day rally sparked by the return of "Roaring Kitty" Keith

Gill, who was the central figure in the 2021 meme stock frenzy.