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

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.

The S&P 500 was lifted 0.8%, looking at a record-high close. The Nasdaq composite gained 0.9%, after hitting a new intraday on the stock market today. Small caps on the Russell 2000 fared better than the major indexes and powered up 1.6%.