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Futures down: Dow 0.34%, S&P 0.26%, Nasdaq 0.27%

June 11 (Reuters) - U.S. stock index futures edged lower

on Tuesday, set for a muted session as investors looked ahead to

crucial inflation data and a policy announcement from the

Federal Reserve on Wednesday.

The S&P 500 and the Nasdaq posted record

closing highs on Monday in a choppy session, boosted by shares

of Nvidia ( NVDA ) after its 10-for-one stock split.

Nvidia ( NVDA ) was flat in premarket trading, while shares of Apple ( AAPL )

lost 0.7% after investors were unimpressed by the

long-awaited AI strategy presented at its developer conference

on Monday.

Markets are readying for Wednesday's release of the Consumer

Price Index report for May, along with the conclusion of the

Fed's two-day policy meeting. The central bank is not expected

to change rates, but will release its updated economic

projections and "dot plot".

The CPI numbers and the Fed's projections will be closely

scrutinized by investors as recent reports have given

conflicting signals about the economy's underlying health.

Markets are pricing in a slightly more than 50% chance that

the Fed's first rate cut will occur in September, according to

the CME's FedWatch tool.

"Lower commodity prices, coupled with potential adjustments

in rental index calculations, could lead to more favorable

inflation data in the coming months. This improvement would be a

positive development for the markets and should influence the

Federal Reserve's rate decisions," Jeremy Siegel, senior

economist at WisdomTree, said in a note.

"Nevertheless, at this week's meetings, I expect the dot

plot to show between 1 and 2 cuts, with a few FOMC members

choosing no cuts," Siegel said.

Producer Price Index data for May, import and export prices,

as well as the first release of the University of Michigan's

Consumer Sentiment Survey are also due later in the week.

On the day, a National Federation of Independent Business

survey showed small business confidence and hiring plans

increased to their highest levels of the year in May, but the

upcoming U.S. presidential election drove the Uncertainty Index

to a nearly four-year high.

At 5:54 a.m. ET, Dow e-minis were down 134 points,

or 0.34%, S&P 500 e-minis were down 13.75 points, or

0.26%, and Nasdaq 100 e-minis were down 51.5 points, or

0.27%.

Cryptocurrency-linked stocks slipped as bitcoin fell

3.6%, with bitcoin miners Riot Platforms ( RIOT ) and Marathon

Digital ( MARA ) and crypto exchange Coinbase all

falling over 3%.

Drugmaker Eli Lilly rose 3.0% after its Alzheimer's

drug donanemab received unanimous backing from an FDA panel.

Rocket Labs USA gained 0.9% after the company

signed terms to receive nearly $24 million in funding under the

U.S. CHIPS Act to expand the production of semiconductors that

power spacecraft.