US Futures Rise Ahead of Inflation Data as CoreWeave Shares Surge

US futures are pointing higher ahead of key inflation data for July, which could provide insight into where prices are heading. The Federal Reserve and Republicans facing midterm elections are closely watching rising costs. Economists predict that inflation slipped to 3.4% in July from 3.5% in June.

Cooler inflation could relieve pressure on the Fed to raise interest rates, which would make borrowing money more expensive for households and businesses. Higher rates would also drag on the overall US economy and undercut prices for stocks and other investments.

Shares of cloud computing company CoreWeave surged over 18% after strong quarterly results. The company more than doubled its revenue as customer demand accelerated in the second quarter. Other companies involved in building AI data centers, including Coherent Corp., Lumentum Holdings, and Marvell Technology, also saw boosts.