NEW YORK (CNN/Money) - The latest consumer price reading could send stocks higher at the start of trading Wednesday.

U.S. stock futures turned positive at 8:30 a.m. ET, indicating a higher opening for stocks.

The Consumer Price Index rose 0.5 percent, slightly ahead of expectations, while the core CPI remained steady for the first time in 1-1/2 years, the Labor Department said Wednesday.

The CPI was expected to increase 0.4 percent for April after a 0.6 percent rise in March, according to economists surveyed by Briefing.com. The core CPI, which strips out often-volatile food and energy prices, was expected to up 0.2 percent after a March increase of 0.4 percent.

On Tuesday, the Producer Price Index, which measures wholesale prices, came in above expectations.

Oil prices were higher in early trading Wednesday ahead of the weekly inventory report, following a slight gain in trading Tuesday.

The June light crude contract gained 21 cents to $49.18 a barrel in electronic trading, while the July contract for Brent crude rose 29 cents to $49.63.

Major markets in Asia closed mostly higher Tuesday, although Hong Kong's Hang Seng lost ground as U.S. and Chinese officials sparred over the value of the yuan. Major European markets were higher in early trading.

Treasury prices were slightly lower, raising the yield on the 10-year note to 4.12 percent from 4.11 percent late Tuesday. The dollar lost ground on the euro and the yen.

In corporate news, computer and peripheral maker Hewlett Packard (Research) reported strong fiscal second-quarter results, although its outlook for the current period was a touch below current consensus.

The stock of the Dow component rallied in after-hours trading and was up 5 percent in European trading early Wednesday as new CEO Mark Hurd had a strong debut, reporting improved operations in some formerly troubled units.

For a more detailed look at the markets before the open, click here.