U.S. stock futures are little changed ahead of closely watched inflation data, with the Consumer Price Index for January expected to tick lower but remain elevated; Fed Chair Jerome Powell is scheduled to deliver his second day of testimony to Congress after warning that interest rates would likely stay high; Super Micro Computer ( SMCI ) shares are soaring in premarket trading after the company said it was prepared to meet financial reporting requirements to avoid delisting; and CVS Health ( CVS ) shares are surging after the company finished a stormy quarter with better-than-expected results. Here's what investors need to know today.

1. US Stock Futures Little Changed Ahead of Inflation Data

U.S. stock futures are near flat as investors watch for upcoming inflation data and digest comments from Fed Chair Jerome Powell. Dow Jones Industrial Average futures are ticking lower after the blue chip index gained in the prior session, while S&P 500 and Nasdaq futures are little changed. Bitcoin ( BTCUSD ) is up 1% to trade at over $96,000. Yields on the 10-year Treasury note are ticking higher. Oil and gold futures are lower.

2. January CPI Inflation Data Expected to Have Cooled

The Consumer Price Index (CPI) inflation reading for January, slated to be released at 8:30 a.m. ET, is expected to have cooled slightly . Year-over-year price increases are expected to come in at 2.8%, according to a survey of economists by The Wall Street Journal and Dow Jones Newswires. That would be slightly below the December inflation rate of 2.9% but still ahead of the Federal Reserve 's inflation target of 2%. The "core" inflation rate, which doesn't look at volatile food and fuel prices, also is expected to decline slightly, to 3.1% from 3.2%.

3. Powell Set to Conclude Congressional Testimony Today

Federal Reserve Chair Jerome Powell is expected to conclude his two-day appearance before Congress when he testifies to the House Financial Services Committee today. Powell told the Senate yesterday that interest rates would likely remain elevated as the Fed watches for inflation to come down, especially with the labor market showing continued strength. Powell also said that mortgage rates would likely remain elevated , and that the Fed wasn't planning to launch its own digital currency .

4. Supermicro Stock Soars on Financial Reporting Plan

Super Micro Computer ( SMCI ) are jumping roughly 10% in premarket trading after the server maker said it expected to submit its delayed 2024 financial reports by the Nasdaq's Feb. 25 deadline to avoid being delisted. The share price surge comes after the stock dropped in the prior session ahead of the update. The Nvidia ( NVDA ) partner announced preliminary results that showed it expected second-quarter revenue of $5.6 billion to $5.7 billion, below its prior forecast of $5.5 billion to $6.1 billion at the midpoint.  The company also projected adjusted earnings per share (EPS) of $0.58 to $0.60, also short of its previous forecast.