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Futures turn positive after inflation data

(Reuters) - U.S. stock index futures turned positive on Wednesday after data showed U.S. consumer prices rose at a slower-than-expected pace last month, evidence that the Federal Reserve was succeeding in its fight against inflation.

The Labor Department's Consumer Price Index (CPI) rose 4.9% year-over-year in April, against expectations of a 5% increase.

The odds favoring a pause in rate hikes in June sharply increased after the data.

At 8:31 a.m. ET, Dow e-minis were up 78 points, or 0.23%, S&P 500 e-minis were up 14.75 points, or 0.36%, and Nasdaq 100 e-minis were up 63.25 points, or 0.48%.

Moments before the data, Dow e-minis were down 56 points, or 0.17%, S&P 500 e-minis were down 4.5 points, or 0.11%, and Nasdaq 100 e-minis were down 4.25 points, or 0.03%.

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