Stock futures were modestly higher ahead of the release of the Federal Reserve's preferred measures of inflation, as major indexes hover near all-time highs.

At least, that was the case as of Tuesday’s close, when the U.S. benchmark saw its year-to-date advance top 20% for the first time since the start of 2024, according to Dow Jones Market Data. The achievement happened to coincide with the index’s 41st record close of the year.

Odds of another 50 basis point rate cut at the Federal Reserve's next FOMC meeting in November hit 53% on Monday compared to 29% one week ago.