US futures steady after S&P 500 hits another high

• U.S. futures were flat in premarket trading on Wednesday.
• Despite higher-than-expected inflation numbers, markets closed higher on Tuesday.
• Wall Street's enthusiasm for tech stocks prevailed, with gains for Oracle and Nvidia.

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U.S. futures faltered in premarket trading after the S&P 500 closed at a new record high following a rally on Tuesday.

S&P 500 futures were flat before the bell following Tuesday's record session, with the index rising 1.1%.

Nasdaq 100 futures were 0.14% lower, while Dow Jones Industrial Average futures also showed little movement.

Ten-year Treasury yields also remained stable, as did the U.S. dollar index, which tracks the dollar's strength against six other major currencies.

Tuesday's CPI report, which showed inflation accelerated in February for a second straight month, did little to contain markets as traders allowed their enthusiasm for technology stocks to overshadow caution about when the Fed will will cut interest rates, drowned out.

“Although the inflation data was slightly above consensus expectations, it did not change the overall market outlook and the positive reaction from the stock market is consistent with this interpretation,” said Brian Rose, senior U.S. economist at UBS.

Nvidia is rising

Mega-cap technology stocks were among the biggest gainers on Tuesday, with shares of cloud and software provider Oracle rising 11.7% after reporting strong quarterly earnings.

Meanwhile, juggernaut Nvidia closed another 7% higher, taking its value to $2.3 trillion. The company's stock is up a staggering 90% this year and is now just $370 billion below Apple's valuation.

Wall Street will wait for the release of the producer price index, initial jobless claims, retail sales and business inventory reports on Thursday for further signs of economic performance.

Dollar Tree is expected to report earnings before the opening bell, while homebuilder Lennar is due to report quarterly results this afternoon.