US stocks held steady on Wednesday, eyeing fresh record highs ahead of a crucial update on consumer prices that could upend rate-cut hopes and as meme stocks regrouped after a roaring rally.

Futures on the Dow Jones Industrial Average (YM=F) and S&P 500 (ES=F) hovered above the flatline. Contracts on the Nasdaq 100 (NQ=F) were also little changed on the heels of a new peak for tech stocks.

Stocks have ground higher amid rekindled confidence that the US economy is in good enough shape for the Federal Reserve to start bringing interest rates down from their current historic highs. That optimism has fueled a resurgence in bullishness in the market.

The release of the Consumer Price Index later Wednesday could test those hopes. After a string of hot data, another surprise from April CPI could spark more worries that an overheating economy will force the Fed to raise rates again, undercutting the case for more gains in stocks and bonds. The headline figure is expected to tick down to 3.4%.

Read more: How does the labor market affect inflation?

Meanwhile, the pace slackened in the frenzied meme-stock rally that saw GameStop (GME) and AMC (AMC) prices more than double at one point on Tuesday. Both stocks rose over 20% in early pre-market action but lost hold of those gains to trade slightly higher at last check.