Stock market today: US futures tick up ahead of key inflation figures

• US futures ticked higher in premarket trading on Tuesday.
• Nasdaq 100 futures rose almost 0.5% ahead of the opening bell.

US futures ticked up ahead of the bell on Tuesday, amid a muted week as Wall Street awaits one of the Fed's favored inflation gauges on Friday — the personal consumption expenditures (PCE) price index.

S&P 500 futures climbed 0.35% shortly before 6 a.m. ET, after dipping on Monday. Nasdaq 100 futures gained 0.48% and Dow Jones Industrial Average futures were up by 0.19%.

After an exuberant atmosphere last week, in which the three indexes hit new record closing highs, markets are taking a breather as investors await further commentary from the Fed.

"The last two sessions have seen the narrowest trading ranges for the S&P 500 since early February, with only one of its 24 industry groups seeing a move of more than 1% yesterday (minus 1.06% for software & services)," Deutsche Bank's Jim Reid pointed out in a morning note.

10-year US Treasury Bonds recovered some losses from last week to end Monday at 4.25%, but were trading flat on Tuesday morning.

Meanwhile, the US Dollar Index, which measures the greenback's strength against six other currencies, dropped by 0.04%.

US durable goods and consumer confidence data are due to be announced today, providing some economic data ahead of the release of the PCE on Good Friday. The median forecasts suggest core PCE will rise 2.8% year-over-year, which would be in line with the previous reading.

Investors will also be scrutinizing Fed Board Governor Lisa Cook's lecture on Tuesday for more clues as to when the central bank may start cutting interest rates.