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November CPI at 2.7% YoY, in line with estimates

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GameStop ( GME ) rises after reporting Q3 profit

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Macy's drops after adjusted profit forecast cut

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Futures up: Dow 0.14%, S&P 500 0.34%, Nasdaq 0.53%

(Updates with inflation data)

By Purvi Agarwal and Shashwat Chauhan

Dec 11 (Reuters) - Wall Street's main indexes were set

for a higher open on Wednesday after an in-line inflation

reading kept intact bets on the Federal Reserve cutting interest

rates later this month.

A Labor Department report showed the Consumer Price

Index (CPI) rose 0.3% on a monthly basis in November, compared

with the 0.3% increase forecast by economists polled by Reuters.

Annually, it stood at 2.7%, in line with estimates.

Core inflation, which excludes volatile components such as

food and energy, came in at 3.3% as expected.

"Everything's exactly in line with estimates ... it's

very likely that you will see the Fed probably go ahead with

what they projected, cutting 25 basis points (later this

month)," said David Miller, chief investment officer at Catalyst

Funds.

Bets on the Fed cutting 25 basis point cut next week

jumped to over 96%, compared with an 86% chance before the data,

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

Friday's employment report, which showed an uptick in

unemployment alongside a surge in job growth.

At 8:41 a.m. ET, Dow E-minis were up 64 points,

or 0.14%, S&P 500 E-minis were up 20.5 points, or 0.34%

and Nasdaq 100 E-minis were up 114.5 points, or 0.53%.

Most megacap and growth stocks were higher in premarket

trading, with Tesla up 2.1% and Nvidia ( NVDA ) gaining

1.6%.

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.

Among other movers, GameStop ( GME ) gained 2.9% after the

videogame retailer reported a profit for the third quarter on

cost-saving efforts.

General Motors ( GM ) was up 1.8% after the automaker said

on Tuesday that it would end robotaxi development at its

majority-owned, money-losing Cruise business.

Macy's slumped 11.5% after the department-store

bellwether cut its annual profit forecast as persistent weakness

in demand clouded its expectations for the holiday shopping

season.

(Reporting by Purvi Agarwal and Shashwat Chauhan in Bengaluru;

Editing by Anil D'Silva and Maju Samuel)