(For a Reuters live blog on U.S., UK and European stock

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

*

CPI rises 0.2% in October as forecast

*

Amgen ( AMGN ) gains after dismissing concerns related to its new

weight-loss drug

*

Rivian soars after Volkswagen increases investment

*

Spirit Airlines ( SAVE ) plummets after report says preparing for

bankruptcy filing

*

Futures up: Dow 0.12%, S&P 500 0.17%, Nasdaq 0.12%

(Updated at 8:47 a.m. ET/1347 GMT)

By Purvi Agarwal and Lisa Pauline Mattackal

Nov 13 (Reuters) - U.S. stocks were on track to open

higher on Wednesday after in-line consumer price inflation data

kept the Federal Reserve on track to cut interest rates in

December.

The consumer price index rose 0.2% for the fourth straight

month, the Labor Department's Bureau of Labor Statistics said,

and advanced 2.6% on an annual basis. Excluding the volatile

food and energy components, the CPI increased 0.3% in October.

The numbers were in line with economists' forecasts, with

futures reversing early losses following the data.

"The market is already a little bit on edge about the

inflationary possibilities for 2025 under a new administration,"

said Ross Mayfield, investment strategist, Baird.

"The fact that (CPI) came in line ... gives markets a chance

to breathe and focus on the other things that have been moving

it lately."

Expectations for a 25-basis point interest rate cut at the

Fed's December meeting jumped to 72% after the data, from around

58%, according to CME FedWatch.

Dow E-minis were up 51 points, or 0.12%, S&P 500

E-minis were up 10.5 points, or 0.17%, and Nasdaq 100

E-minis were up 25 points, or 0.12%.

Futures tracking rate-sensitive small-cap companies

also reversed course to jump 0.9% following the release of the

CPI data.

All three major indexes closed lower on Tuesday, also

pressured by rising U.S. Treasury yields on expectations that

President-elect Donald Trump's policies could exacerbate

inflation. The benchmark 10-year Treasury yield

eased back to below 4.4% after Wednesday's CPI data.

EV maker Tesla gained 2.9% after Trump named CEO

Elon Musk as a co-leader of a newly created Department of

Government Efficiency.

Despite the declines on Tuesday, Wall Street has been

largely upbeat over the past few days, expecting Trump's

pro-business stance and possible tax cuts to buoy corporate

growth, even as some worries remain over higher tariffs and

inflation.

The S&P 500 has gained about 3.5% since the close on

Nov. 5, and is on track for year-to-date gains of more than 25%.

A Bank of America's monthly fund manager survey showed

global investors see higher growth than they did before, as well

as an increase in inflation, in the wake of the U.S. election

results.

Spirit Airlines' ( SAVE ) shares plunged 59% after a report

the U.S. carrier is preparing to file for bankruptcy protection,

while the company said it is in talks with creditors.

EV maker Rivian soared 10% after Volkswagen

on Tuesday raised its investment in the company by

16% to $5.8 billion.

Amgen ( AMGN ) gained 3% after the company said there was no

link between its experimental weight-loss drug and changes in

bone mineral density, following data from an early-stage study

that weighed on the stock in the prior session.

Caterpillar ( CAT ) slipped 1.1% after brokerage Evercore

ISI downgraded the heavy equipment maker's shares.

Fed officials Alberto Musalem and Jeffrey Schmid are

scheduled to speak later in the day.