* Wall St climbs; Nvidia outstrips Alphabet in market value

* Oil slips as U.S. crude build counters upbeat demand forecast

* US yields slip after CPI induced surge, Fed comments

NEW YORK, Feb 14 (Reuters) - Global stock indexes edged higher while Treasury yields slipped on Wednesday as investors tried to assess the timing of possible interest rate cuts from the Federal Reserve, while the dollar eased off of a three-month peak against the yen.

Japan's top currency officials warned on Wednesday against what they described as rapid and speculative yen moves overnight.

Nvidia, whose shares were last up 1.4% and were helping to support the S&P 500 and Nasdaq, topped Alphabet's market value to become the third-most valuable U.S. company.

Yields briefly extended declines after Chicago Fed President Austan Goolsbee said the Fed's path back to its 2% inflation target rate would still be on track even if price increases run a bit hotter than expected over the next few months, and the central bank should be wary of waiting too long before it cuts interest rates.

Market expectations for a cut by the Fed in June of at least 25 basis points stand at 78.5%, according to CME's FedWatch Tool, while expectations for a cut in May have fallen to 38.5%, down from 63.7% a week ago.

The latest shift in rate expectations came after an upside surprise in U.S. inflation on Tuesday that showed the consumer price index (CPI) rose 3.1% on an annual basis, above forecasts for a 2.9% increase.

With the CPI report, "it wasn't as if inflation held, it was that it accelerated, and that was what got the market. Suddenly the expectations (on possible rate cuts) pulled back even more," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

"Every data release is now viewed through the eyes of the Fed. The market wants to know when is the Fed going to feel comfortable about cutting rates and initiating a rate cut regime," Krosby said.

Thursday brings U.S. retail sales data, while on Friday the U.S. producer price index report will be released.

The Dow Jones Industrial Average rose 37.43 points, or 0.10%, to 38,310.18; the S&P 500 gained 26.72 points, or 0.54%, to 4,979.89; and the Nasdaq Composite gained 125.21 points, or 0.80%, to 15,780.81.

MSCI's gauge of stocks across the globe rose 3.47 points, or 0.47%, to 743.05, while Europe's STOXX 600 index rose 0.5%. Japan's Nikkei, which hit its highest in 34 years on Tuesday, fell 0.7%.

The yield on benchmark U.S. 10-year notes fell 5.1 basis points to 4.265%, from 4.316% late on Tuesday. Yields had surged on Tuesday following the CPI data.

The dollar index fell 0.13% to 104.72, with the euro up 0.15% at 1.0725. Against the Japanese yen, the dollar weakened 0.16% to 150.55. The dollar was at a three-month peak against the yen on Tuesday.

The 150 level on the pair has been seen in the past as a potential catalyst for intervention by Japanese monetary authorities. It was just past this level that they intervened to shore up the yen in late 2022.

In cryptocurrencies, bitcoin gained 4.20% to $51,659.22.

Oil futures declined as higher U.S. crude inventories weighed on prices. U.S. crude lost $1.23 to settle at $76.64 a barrel and Brent fell $1.17 to settle at $81.60.

Spot gold was steady at $1,991.92 per ounce.

(Reporting by Caroline Valetkevitch; Additional reporting by Amanda Cooper in London, Rae Wee in Singapore; Editing by Jan Harvey, Nick Zieminski and Jonathan Oatis)