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Futures: Dow flat, S&P up 0.23%, Nasdaq up 0.41%

(Updated at 7:01 a.m. ET/ 1101 GMT)

By Bansari Mayur Kamdar and Shashwat Chauhan

March 12 (Reuters) -

Futures tracking the S&P 500 and Nasdaq inched up on

Tuesday, ahead of U.S. consumer prices data that could provide

insight into whether inflation has eased enough for the Federal

Reserve to lower borrowing costs in the coming months.

The data, due at 8:30 am ET, is expected to show that the

Consumer Price Index (CPI) increased 0.4% last month, after

gaining 0.3% in January.

In the 12 months through February, the CPI is expected to

have increased 3.1%, according to a consensus of analysts'

estimates in an LSEG poll.

Excluding volatile food and energy components, consumer

prices likely increased 3.7% in the 12 months to February,

compared to a 3.9% rise in January.

Data showing signs of a robust economy slowed last month's

stock market rally, as traders pushed back their expectations on

the timing of the Fed's first rate cut to June from March.

"January's lumpy CPI report has ensured that a lot of weight

rests uncomfortably on this week's report with regard to when

the Fed will begin cutting base rates," said Will Hobbs, head of

UK multi-asset wealth at Barclays Private Bank & Wealth

Management.

"The important point for investors is not when they start,

but how deep they and other central banks go. Will we return to

the basement levels seen last economic cycle, or is a new normal

in store?"

Traders are seeing a 72% chance of the first rate cut coming

in June, according to the CME FedWatch Tool.

At 7:01 a.m. ET, Dow e-minis were down 2 points,

or 0.01%, S&P 500 e-minis were up 11.75 points, or

0.23%, and Nasdaq 100 e-minis were up 74.5 points, or

0.41%.

Megacap growth stocks advanced in premarket trading, led by

AI darling Nvidia ( NVDA ), which was up 1.5%.

Oracle jumped 12.9% after the database giant beat

quarterly profit estimates. The company also said it was set to

make a joint announcement with Nvidia ( NVDA ) next week.

Chipmakers such as Intel ( INTC ) and Advanced Micro Devices ( AMD )

, which have struggled in the last few sessions after a

blistering rally this year, added 0.5% and 0.6%, respectively.

Boeing ( BA ) shed 1.2% after a report said an audit by the

Federal Aviation Administration found dozens of problems with

the 737 MAX's production.

Southwest Airlines ( LUV ) fell 5.3% after cutting its

forecast for the number of aircraft it expects to receive from

supplier Boeing ( BA ).

Meanwhile, BofA Global Research raised its 2024 earnings per

share forecast for S&P 500 companies to $250 from the previously

expected $235.