U.S. stock futures were flat Wednesday morning as investors awaited a crucial report on consumer prices. The Consumer Price Index (CPI) for April is expected to significantly impact market direction due to its influence on Federal Reserve interest rates. Currently, the futures market predicts a high likelihood (over 66%) of rate cuts by September, following anticipated pauses in June and July. If other economic data indicating growth also shows weakness, investors could view this as a double positive for stocks. However, the ongoing "meme stock" phenomenon remains a factor, potentially continuing to boost the small-cap sector.

In premarket trading...