CPI Release Sparks Muted Stock Futures, AI Stocks Lead Pre-Market Rally

U.S. stock futures rose marginally ahead of the July Consumer Price Index (CPI) release, which could provide crucial clues on the Federal Reserve's interest rate path.

Economists expect a 0.2% monthly increase and an annualized 3.4% headline rate. A hotter-than-expected reading could revive concerns about inflation and interest rates, particularly after three Fed officials dissented in favor of a rate hike at the central bank's most recent meeting.

AI infrastructure stocks led the premarket rally, with CoreWeave (CRWV) surging 15% after beating earnings expectations. Nebius (NBIS) and Super Micro Computer (SMCI) also rose 8% and 9%, respectively, ahead of their own earnings reports.

Elon Musk predicted that artificial intelligence could account for 99% of SpaceX's value within four or five years and that AI revenue could surpass other operations as soon as September.