Stock index futures rose on Wednesday, a day after the S&P 500 and Nasdaq notched record closes as rate cut bets dominated headlines again.

U.S. stock index futures rose on Tuesday after largely in-line consumer prices data kept bets of a Federal Reserve interest rate cut in September in tact. A Labor Department report showed the Consumer Price Index (CPI) rose 0.

The Consumer Price Index rose 0.2% in July, accounting for a 2.7% rise year-over-year. Meanwhile, Core CPI, which excludes food and energy prices, was up 0.3% for the month. Stock futures traded higher after the CPI data came out.