Wall Street points toward record highs before the bell on rate cut hopes

Wall Street is pointed toward new heights before the opening bell Wednesday after new U.S. inflation data raised hopes that the Federal Reserve will cut its benchmark interest rate next month.

Futures for the S&P 500 and Nasdaq each ticked up 0.2%, while futures for the Dow Jones Industrial Average rose 0.3%. The S&P 500 and Nasdaq both closed at record highs on Tuesday.