Data at 8:30 a.m. ET (1330 GMT) is expected to show U.S.
consumer prices rose 0.3% in January following a 0.4% increase
in December.
But that is unlikely to have an impact on the Fed, which has
signaled it would tolerate higher prices "for some time" as the
economy climbs out of a coronavirus-driven recession. Powell
will be speaking about the state of the U.S. labor market in a
webinar at 2 p.m. ET (1900 GMT).
President Joe Biden on Tuesday agreed to a proposal by
Democratic lawmakers to limit or phase out stimulus payments to
higher-income individuals as part of his administration's $1.9
trillion coronavirus relief bill.
Wall Street's main indexes have scaled a series of all-time
peaks recently, with investors moving into sectors such as
energy, banks and industrials that are poised to benefit from a
recovering economy.
Investors' focus is also on the progress in vaccination efforts.
The U.S. government is set to begin shipping of COVID-19
vaccines directly to community health centers next week in an
effort to speed up inoculations.
Eli Lilly and Co became the latest drugmaker to receive an
emergency use authorization from the U.S. Food and Drug
Administration for its combination antibody therapy to fight
COVID-19. Its shares rose 2.1% in premarket trading.
At 06:23 a.m. ET, Dow E-minis were up 110 points, or 0.35%, S&P
500 E-minis were up 15.25 points, or 0.39% and Nasdaq 100
E-minis were up 58.75 points, or 0.43%.
Cisco Systems Inc slipped about 5% after it reported a decline
in revenue for a fifth straight quarter.
Twitter Inc added about 5% after it beat Wall Street targets for
quarterly sales and profit, and forecast a strong start to 2021
as ad spending rebounds from a rock bottom.
Lyft Inc jumped 13% after the ride-hailing firm said it could
make an adjusted profit by the third quarter of this year
despite the pandemic, thanks to additional cost cuts and an
expected rebound in ride-hail demand.
Rival Uber Technologies Inc gained 6% ahead of its results.
A largely upbeat fourth-quarter earnings so far has boosted
investor sentiment, easing concerns over high valuations.
(Reporting by Devik Jain and Medha Singh in Bengaluru; editing
by Uttaresh.V)
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