Futures tied to the major U.S. stock indexes were in positive territory on Tuesday morning, pointing to a higher open after fresh inflation data met expectations and bolstered hopes for a Federal Reserve rate cut next month.

The consumer price index for July will come out on Tuesday, and Wall Street expects a 0.2% monthly overall increase and a 0.3% uptick in the core CPI.

The U.S. stock market rallied to more records after data suggested inflation across the country was a touch better last month than economists expected. The S&P 500 rose 1.1% Tuesday, beating its all-time high set two weeks ago.