In overnight trading on Tuesday, stock futures remained relatively unchanged as investors braced for the release of the consumer price index (CPI) data for April. Futures tied to the Dow Jones Industrial Average inched down 6 points, while both S&P 500 futures and Nasdaq 100 futures hovered near the flatline, reflecting cautious sentiment among market participants.

The previous session had seen the Nasdaq Composite surge 0.75% to achieve a new closing record, while the S&P 500 added 0.48%, coming within 0.1% of its own all-time high. The Dow Jones Industrial Average also gained 0.32% in a winning session.

All eyes are now on Wednesday's key inflation report, which is expected to provide further insight into the persistent issue of rising prices. Economists surveyed by Dow Jones forecast a 0.4% monthly gain in the consumer price index or a 0.3% increase when excluding food and energy prices. Additionally, a year-over-year gain of 3.4% is anticipated for the headline CPI, following a 3.5% rise in March.

Sticky inflation has been a prevalent concern for the market in recent weeks, as fears grow that the Federal Reserve may postpone its anticipated cycle of interest rate cuts. These anxieties were fueled by Tuesday's producer price index for April, which revealed a larger-than-expected 0.5% gain in wholesale prices, surpassing the estimated 0.3% increase according to Dow Jones.

However, some experts suggest that signs of inflation easing in certain sectors, such as housing and auto insurance, could be positive indicators for both the market and the Federal Reserve's policy direction. In fact, Tom Lee, head of research at Fundstrat Global Advisors, believes this could prompt the Fed to further cut rates, stating on CNBC's "Closing Bell" on Tuesday, "It's going to make it clear to markets that... inflation is now normalizing, the economy is in good shape, and rates are so restrictive the Fed actually needs to cut rates." Lee believes this scenario would be beneficial for stocks.

Aside from the inflation report, other economic data scheduled for release on Wednesday include retail sales figures for April, May's Empire State manufacturing survey, and the housing market index. Additionally, the earnings season continues with Cisco Systems' results expected after the bell.

Among the stocks making significant moves after trading hours, Boot Barn, a western apparel and footwear company, saw a 7% decline due to disappointing revenue and earnings guidance for the full year. On the other hand, Nextracker, a solar technology stock, experienced a 9% jump in after-hours trading, driven by better-than-expected revenue of $737 million for the fiscal fourth quarter.

As investors eagerly await the inflation report, the resilience of stock futures reflects the cautious stance adopted by market participants. The outcome of this influential report will likely steer investor sentiment and potentially impact the Federal Reserve's policy decisions in the coming months.