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Futures up: Dow 0.04%, S&P 0.09%, Nasdaq 0.12%

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

to slightly higher on Wednesday, as investors awaited a crucial

inflation report and the conclusion of the Federal Reserve's

policy meeting.

Markets have been broadly cautious this week, seeking

clearer signs on the 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 0.7% 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 meant Apple ( AAPL ) firmly reclaimed its spot ahead of AI chip

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

position as 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-rate levels 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 5:25 a.m. ET, Dow e-minis were up 17 points, or

0.04%, S&P 500 e-minis were up 4.75 points, or 0.09%,

and Nasdaq 100 e-minis were up 22.75 points, or 0.12%.

Among single movers, Oracle gained 8.9% after

forecasting double-digit revenue in fiscal year 2025 after the

bell on Tuesday.

Paramount Global ( PARAA ) fell 2.3% 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 3.5% after a report that the European Commission will

apply extra duty on imported Chinese EVs.