US stock futures wavered amid increasing expectations that the Federal Reserve will cut interest rates at its next meeting, following the latest inflation data.

Signs that U.S. taxes on imports have not fully filtered into headline consumer prices sparked a relief rally on Wall Street in the previous session, with the benchmark S&P 500 marking its first record high close in two weeks.

Stocks are poised to open higher on Wednesday as the market looks to extend a rally that has pushed major indexes back to record-high levels.