Futures extend gains after February inflation data

US stock index futures extended gains on Tuesday as a moderation in February's consumer prices kept hopes alive that the Federal Reserve would pause interest rate hikes at its next meeting.

The Labor Department's report showed the consumer price index (CPI) rose 0.4% in February on a monthly basis, in line with expectations.

Traders' bets that the central bank will hold rates at the current level at its March meeting stayed at 23%, while bets of a 25 basis point rate hike stood at 77% earlier.

All eyes are on the CPI report as the recent collapse of Silicon Valley Bank has spurred hopes that the central bank would soften its policy stance to avoid a broader financial crisis.

At 8:32 a.m. ET, Dow e-minis were up 253 points, or 0.79%, S&P 500 e-minis were up 35.5 points, or 0.92%, and Nasdaq 100 e-minis were up 100.5 points, or 0.84%.