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markets, click or type LIVE/ in a news window.)

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November CPI data due 8:30 a.m. ET

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GameStop ( GME ) rises after reporting Q3 profit

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Macy's drops after annual adjusted profit forecast cut

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Futures: Dow down 0.09%, S&P 500 up 0.1%, Nasdaq up 0.16%

(Updates prices throughout)

By Purvi Agarwal and Shashwat Chauhan

Dec 11 (Reuters) - Futures tied to the S&P 500 and the

Nasdaq were slightly higher on Wednesday, as most megacap stocks

rose, while all eyes were on a key inflation reading that could

influence the Federal Reserve's move on interest rates.

A November reading of the consumer price index (CPI), due at

8:30 a.m. ET, is among the final major datasets ahead of the

Fed's Dec. 17-18 meeting.

The report is expected to show that headline inflation rose

0.3% on a monthly basis and to 2.7% on an annual basis in the

last month, still above the Fed's 2% target.

The core figure, which excludes volatile components such as

food and energy, is expected to remain unchanged at 3.3%

year-on-year.

The inflation rate has been rising again gradually since

October and "an end to this short-term upward trend would be

necessary to confirm the expectation of three interest rate cuts

in the next six months," Jochen Stanzl, chief market analyst at

CMC Markets, wrote in a note.

"The Fed wants to see further progress and does not yet

consider the fight against inflation to be over. As long as the

labor market does not cool down faster, it has time to continue

monitoring the situation."

Trader bets currently price in an over 86% chance of the

central bank delivering a 25 basis point cut next week,

according to CME's FedWatch Tool. Bets had jumped following

Friday's employment report, which showed an uptick in

unemployment alongside a surge in job growth.

At 7:04 a.m. ET, Dow E-minis were down 38 points,

or 0.09%, S&P 500 E-minis were up 5.75 points, or 0.1%

and Nasdaq 100 E-minis were up 34.5 points, or 0.16%.

Wall Street's main indexes ended the previous session lower,

weighed down by heavyweight technology stocks, yet the S&P 500

and the Nasdaq were near record levels.

U.S. equities have had a broadly positive start to December,

with the S&P 500 and the Nasdaq clocking gains in their first

week, after ending November on a strong note.

Also expected this week is a producer prices reading on

Thursday.

Most megacap and growth stocks moved higher in premarket

trading, with Alphabet, Nvidia ( NVDA ) and Tesla

rising more than 1% each.

Among other movers, GameStop ( GME ) gained 3% after the

videogame retailer reported a profit for the third quarter on

cost-saving efforts.

General Motors ( GM ) was up 1.5% after the automaker said

on Tuesday that it would end robotaxi development at its

majority-owned, money-losing Cruise business.

GE Vernova slipped 1.7% as the company's chief

executive officer said he was cautious about the outlook for its

wind sector even though it had resumed installing turbines at

two offshore wind farms.

Macy's slumped 9.3% after the department-store

bellwether cut its annual profit forecast.