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U.S. equity futures nudged higher Tuesday, while Treasury yields slipped and the dollar gave back gains against its global peers, as investors looked to another muted session on Wall Street ahead of tomorrow’s key March inflation reading.

Stocks have largely been in a holding pattern since last Friday’s close, with investors focused on the March inflation report to either challenge or cement the Federal Reserve’s baseline projection of around three quarter-point interest-rate cuts between now and the end of the year.

Traders suggest a 46.3% chance that the first of those cuts will come at the Fed’s June policy meeting, according to CME Group data, but they remain divided with respect to the Fed’s likely actions over the second half. 

A key survey of small business optimism from the National Federation of Independent Business, meanwhile, showed sentiment at its lowest in more than 11 years, with most owners citing inflation concerns over the coming months. 

Benchmark 10-year Treasury note yields were marked 2 basis points lower from last night’s levels at 4.396% while 2-year notes held at 4.771%.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.12% lower at 104.0.13 heading into the early New York session.

Stock markets are also keying on the start of the first-quarter earnings season, which unofficially begins Friday with updates from JP Morgan  (JPM) , Citigroup  (C)  and Wells Fargo  (WFC) . 

Analysts see collective S&P 500 profits rising 5% from a year earlier to a share-weighted total of $457.4 billion. That figure is expected to improve to around $494.1 billon over the three months ending in June.

Away from equities, global metals prices were back on the march again Tuesday, with gold rising to a record for the eighth session in a row and trading at $2,365.09 per ounce.

Shanghai copper prices also hit a fresh all-time high of $10,500 per ton, tied to both supply constraints and bets on a China demand rebound, while iron ore topped the $1,000-per-ton level in overnight dealing.

Brent crude oil futures were also trading north of the $90 mark, rising 26 cents on the session to $90.64 per barrel. WTI futures for May delivery added 22 cents to trade at $86.65 per barrel, the highest since late October.

Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500 suggest a 6 point opening bell gain, while those tied to the Dow Jones Industrial Average are indicating a 17 point bump. The Nasdaq is called 35 points higher.

In overseas markets, Europe’s Stoxx 600 slipped 0.2% in early Frankfurt trading with investors focused on Thursday’s European Central Bank interest-rate decision. Britain’s FTSE 100 gained 0.05% in London on the back of higher global commodity prices.

Overnight in Asia, Japan’s Nikkei 225 rose 1.08% to close at 39,773.13 points after Bank of Japan Gov. Kazuo Ueda told lawmakers that its easy monetary policies would likely remain in place for the bulk of the year.

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