Wall Street's main indexes were gearing up for a higher open on Tuesday, after data showed inflation rose broadly in line with expectations in July, putting the Federal Reserve on track to lower interest rates in September.

U.S. stocks edged back from their record heights in Wall Street's final moves before an upcoming update on inflation.

Wall Street's major averages closed lower on Monday as investors awaited key inflation data slated to come over the next few days. Sentiment was shortly uplifted by big news in the tech sector, but stocks later reversed course.