Inflation data ahead, Oracle earnings - what's moving markets

investing.com:

Investing.com -- Markets are awaiting fresh U.S. inflation figures that could factor into how the Federal Reserve approaches potential interest rate cuts this year. Stock futures on Wall Street inch broadly higher ahead of the data. Oracle (NYSE:ORCL) shares surge in extended hours trading after the tech group posts an AI-driven earnings beat, while the price of Bitcoin remains just under a recent record high.

1. Inflation data ahead

U.S. inflation data for February is set to take center stage on Tuesday, with markets keen to see if the figures provide any clues into the future path of Federal Reserve monetary policy.

Economists anticipate that the overall consumer price index (CPI) will match the prior month's pace of 3.1% on an annual basis. So-called «core» CPI, which strips out volatile items like food and fuel, is seen slowing to 3.7% from 3.9% in January.

However, more focus will likely be placed on the month-on-month gauge, which may shed light on the momentum of price gains. The headline number is projected to speed up slightly to 0.4% and the core reading is expected to decelerate marginally to 0.3%.

Fed officials have made cooling inflation the major objective of a series of interest rate hikes that have brought borrowing costs up to more than two-decade highs. They have suggested that cuts may be coming later this year, but stressed that they first need to see more evidence that price growth is sustainably easing back down to their 2% annualized target.

«In the eyes of the Fed, [inflation] is likely still too hot for comfort,» analysts at ING said in a note.

2. Futures mostly higher

U.S. stock futures moved mostly higher ahead of the CPI print.

By 04:30 ET (08:30 GMT), the Dow futures contract had gained 18