Investing.com-- U.S. stock index futures steadied in late-Tuesday trade after Wall Street indexes surged despite a stronger-than-expected reading on consumer inflation, with upcoming factory inflation and retail sales readings presenting more tests.

S&P 500 Futures steadied at 5,242.75 points, while Nasdaq 100 Futures hovered around 18,480.75 points by 19:47 ET (23:47 GMT). Dow Jones Futures steadied at 39,472.00 points.

Gains in technology stocks were the biggest boost to Wall Street, following optimistic comments on artificial intelligence from cloud giant Oracle Corporation (NYSE: ORCL). The firm clocked better-than-expected quarterly earnings, and said it was set to make a joint announcement with AI darling NVIDIA Corporation (NASDAQ: NVDA), whose shares also rose sharply on Tuesday.

S&P 500 hits record high as tech strength offsets higher CPI

The S&P 500 finished at a record-high 5,175.27 points on Tuesday, buoyed chiefly by technology stocks as hype over artificial intelligence largely offset a stronger-than-expected consumer price index reading.

Tech strength was particularly apparent in the NASDAQ Composite closing up 1.5% at 16,265.64 points, while the Dow Jones Industrial Average rose 0.6% to 39,005.49 points. The Dow was held back chiefly by losses in Boeing Co (NYSE: BA), which slid over 4% amid new issues with the company's aircraft.

Gains in Oracle and Nvidia spilled over into other AI-sensitive stocks, with Microsoft Corporation (NASDAQ: MSFT) surging 2.7%, while Alphabet (NASDAQ: GOOGL) added 0.6%. Meta Platforms Inc (NASDAQ: META) jumped 3.3%, recovering sharply from a steep decline on Monday.

Stronger-than-expected CPI data did little to deter bets that the Federal Reserve will begin cutting interest rates by June, although the dollar and Treasury yields saw mild strength during the session.

PPI inflation, retail sales data awaited

Focus now turns to more cues on inflation from producer price index data due later this week, while retail sales data for February is also set to offer more signals on the strength of consumer spending.

Any signs of cooling in the U.S. economy are likely to be read as furthering the case for a June rate cut. Traders are pricing in an over 70% chance of a 25 basis point cut in June, according to the CME Fedwatch tool.

But all signs so far point to a resilient U.S. economy- a scenario that could potentially delay any monetary easing by the Fed.

Nvidia sees aftermarket strength, Intel lags

Gains in Nvidia spilled over into aftermarket trade, with the AI chipmaker rising 1.3% and remaining in sight of a record high hit last week.

On the other hand, Intel Corporation (NASDAQ: INTC) fell 1% after a media report said the Pentagon scrapped plans for a $2.5 billion chip grant for the company.