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Futures: Dow off 0.03%, S&P up 0.20%, Nasdaq up 0.38%

March 12 (Reuters) - S&P 500 and Nasdaq futures inched

up on Tuesday ahead of U.S. consumer prices data that could

provide insight on whether inflation has eased enough for the

Federal Reserve to lower borrowing costs in coming months.

The data, due at 8:30 am ET, is expected to show 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 analysts' estimate

in an LSEG poll.

Data showing signs of a robust economy slowed the stock

market's rally last month, as traders pushed back expectations

on the timing of the first Fed 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, 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 that the first rate cut hits

in June, according to the CME FedWatch Tool.

At 05:01 a.m. ET, Dow e-minis were down 11 points,

or 0.03%, S&P 500 e-minis were up 10.5 points, or 0.2%,

and Nasdaq 100 e-minis rose 68.5 points, or 0.38%.

Megacap growth firms advanced in premarket trading, led by

AI darling Nvidia ( NVDA ), up 1.5%.

Oracle jumped 13.6% after the database giant beat

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

make a joint announcement with Nvidia ( NVDA ).

Other chipmakers such as Intel ( INTC ) and Advanced Micro

Devices ( AMD ), that have struggled in the last few sessions

after their fast-paced rally this year, added 0.3% and 0.7%,

respectively.

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

Federal Aviation Administration's (FAA) found dozens of issues

in 737 MAX production.

New York Community Bancorp ( NYCB ) climbed 3.4% after the

lender said it had closed the $1 billion capital infusion deal

that was agreed last week with an investor group and plans to

submit one-for-three reverse stock split of its common stock to

shareholders.