U.S. stock futures were edging up early on Tuesday. Market attention is firmly fixed on inflation data which could help decide whether the Federal Reserve will resume rate cuts, overshadowing trade developments.

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.