By Bansari Mayur Kamdar and Shashwat Chauhan

(Reuters) -Futures tracking the S&P 500 and Nasdaq inched up on Tuesday, ahead of U.S. consumer prices data that could provide insight into whether inflation has eased enough for the Federal Reserve to lower borrowing costs in the coming months.

The data, due at 8:30 am ET, is expected to show that the Consumer Price Index (CPI) increased 0.4% last month, after gaining 0.3% in January.

In the 12 months through February, the CPI is expected to have increased 3.1%, according to a consensus of analysts' estimates in an LSEG poll.

Excluding volatile food and energy components, consumer prices likely increased 3.7% in the 12 months to February, compared to a 3.9% rise in January.

Data showing signs of a robust economy slowed last month's stock market rally, as traders pushed back their expectations on the timing of the Fed's first rate cut to June from March.

"January's lumpy CPI report has ensured that a lot of weight rests uncomfortably on this week's report with regard to when the Fed will begin cutting base rates," said Will Hobbs, head of UK multi-asset wealth at Barclays Private Bank & Wealth Management.

"The important point for investors is not when they start, but how deep they and other central banks go. Will we return to the basement levels seen last economic cycle, or is a new normal in store?"

Traders are seeing a 72% chance of the first rate cut coming in June, according to the CME FedWatch Tool.

At 7:01 a.m. ET, Dow e-minis were down 2 points, or 0.01%, S&P 500 e-minis were up 11.75 points, or 0.23%, and Nasdaq 100 e-minis were up 74.5 points, or 0.41%.

Megacap growth stocks advanced in premarket trading, led by AI darling Nvidia, which was up 1.5%.

Oracle jumped 12.9% after the database giant beat quarterly profit estimates. The company also said it was set to make a joint announcement with Nvidia next week.

Chipmakers such as Intel and Advanced Micro Devices, which have struggled in the last few sessions after a blistering rally this year, added 0.5% and 0.6%, respectively.

Boeing shed 1.2% after a report said an audit by the Federal Aviation Administration found dozens of problems with the 737 MAX's production.

Southwest Airlines fell 5.3% after cutting its forecast for the number of aircraft it expects to receive from supplier Boeing.

Meanwhile, BofA Global Research raised its 2024 earnings per share forecast for S&P 500 companies to $250 from the previously expected $235.

(Reporting by Bansari Mayur Kamdar and Shashwat Chauhan in Bengaluru, additional reporting by Shristi Achar A; Editing by Rashmi Aich and Pooja Desai)