Data Tuesday showed wholesale inflation slowing, but bigger price gains in key categories that feed into the Fed’s preferred inflation gauge contained excitement about rate cuts

U.S. stock index futures climbed on Wednesday, ahead of a key inflation reading that will likely shape expectations of future monetary policy actions. Investors also received quarterly results from the biggest U.S. banks. Meanwhile, bonds also followed equities higher, sending Treasury yields to the downside.

U.S. stock index futures extended gains on Wednesday as investors assessed a broadly in-line consumer inflation report to gauge its effect on the Federal Reserve's monetary policy easing this year. Data from the Labor Department showed the consumer price index rose 2.