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US STOCKS-Futures hit record highs ahead of inflation data, Fed chair speech

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Devik Jain and Medha Singh
·2 min read
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(For a Reuters live blog on U.S., UK and European stockmarkets, click LIVE/ or type LIVE/ in a news window.)

* Futures up: Dow 0.35%, S&P 0.39%, Nasdaq 0.43%

By Devik Jain and Medha Singh

Feb 10 (Reuters) - U.S. stock futures hit record highs onWednesday, powered by bets of more fiscal aid, while investorslooked to inflation data and a speech by Federal Reserve ChairJerome Powell for clues on the pace of an economic rebound.

Data at 8:30 a.m. ET (1330 GMT) is expected to show U.S.consumer prices rose 0.3% in January following a 0.4% increasein December.

But that is unlikely to have an impact on the Fed, which hassignaled it would tolerate higher prices "for some time" as theeconomy climbs out of a coronavirus-driven recession. Powellwill be speaking about the state of the U.S. labor market in awebinar at 2 p.m. ET (1900 GMT).

President Joe Biden on Tuesday agreed to a proposal byDemocratic lawmakers to limit or phase out stimulus payments tohigher-income individuals as part of his administration's $1.9trillion coronavirus relief bill.

Wall Street's main indexes have scaled a series of all-timepeaks recently, with investors moving into sectors such asenergy, banks and industrials that are poised to benefit from arecovering economy.

Investors' focus is also on the progress in vaccinationefforts. The U.S. government is set to begin shipping ofCOVID-19 vaccines directly to community health centers next weekin an effort to speed up inoculations.

Eli Lilly and Co became the latest drugmaker toreceive an emergency use authorization from the U.S. Food andDrug Administration for its combination antibody therapy tofight COVID-19. Its shares rose 2.1% in premarket trading.

At 06:23 a.m. ET, Dow E-minis were up 110 points,or 0.35%, S&P 500 E-minis were up 15.25 points, or 0.39%and Nasdaq 100 E-minis were up 58.75 points, or 0.43%.

Cisco Systems Inc slipped about 5% after itreported a decline in revenue for a fifth straight quarter.

Twitter Inc added about 5% after it beat WallStreet targets for quarterly sales and profit, and forecast astrong start to 2021 as ad spending rebounds from a rock bottom.

Lyft Inc jumped 13% after the ride-hailing firmsaid it could make an adjusted profit by the third quarter ofthis year despite the pandemic, thanks to additional cost cutsand an expected rebound in ride-hail demand.

Rival Uber Technologies Inc gained 6% ahead of itsresults.

A largely upbeat fourth-quarter earnings so far has boostedinvestor sentiment, easing concerns over high valuations.(Reporting by Devik Jain and Medha Singh in Bengaluru; editingby Uttaresh.V)