Stock market today: US futures tiptoe higher ahead of CPI, Fed double whammy

US stock futures trudged higher Wednesday before a significant day for the US economy that will provide the latest snapshot of the state of inflation and the latest signal on the path of interest rates. S&P 500 futures built on its 27th record close of the year, rising 0.1%. Futures on the tech-heavy Nasdaq 100 rose 0.2%, also pointing to gains after a record close for the index. Dow Jones Industrial Average futures gained 0.1%.

On a "core" basis, which strips out food and gas, prices in May are expected to have risen 3.5% over last year — a slight slowdown from April. Read more: How does the labor market affect inflation? Meanwhile, the Fed's decision is all but certain — the central bank is expected to keep rates at their current 23-year-high levels.

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