U.S. stock index futures moved higher on Tuesday after a lower-than-expected inflation report boosted expectations that the Federal Reserve was on track to lower borrowing costs this year. A Labor Department report showed April consumer price inflation rose 0.

April consumer price inflation (CPI) is due at 8:30 a.m. ET, with economists polled by Reuters expecting a 0.3% monthly rise and an annual rate holding steady at 2.4%. "Today's inflation data is highly anticipated,

U.S. stocks are mixed after overall April inflation eased but a narrower measure stripping out volatile sectors that the Fed eyes remained unchanged.