US Stock Futures Jump Ahead of Inflation Report, Markets Eye Fed Rate Hike
US stock futures saw an uptick on Wednesday as investors prepared for the July inflation report. The Bureau of Labor Statistics is set to release the Consumer Price Index (CPI) at 8:30 am ET, with economists predicting a 0.1% increase in headline prices from June, and an annual rate of 3.4%. Markets are still divided on whether the Federal Reserve will raise rates in September, with a probability of 52% ahead of the release.
The S&P 500 futures rose about 0.2%, while Nasdaq 100 contracts gained roughly 190 points, or 0.6%. Dow futures were little changed. The move followed a weaker Tuesday session, but results from CoreWeave and Super Micro Computer revived appetite for AI-linked stocks.
CoreWeave surged more than 15% after reporting second-quarter revenue of $2.58 billion, more than double a year earlier. Its revenue backlog reached about $104 billion at the end of June, with over $25 billion in new customer commitments signed early in the third quarter. The company raised its 2026 capital-expenditure forecast to $35 billion-$39 billion.
Super Micro Computer rose around 8%-9% after forecasting fiscal 2027 revenue of $65 billion to $72 billion. Its fourth-quarter sales reached $11.1 billion, almost double the year-earlier figure, while gross margin recovered to 17.5%. Cava also jumped more than 10% after second-quarter revenue rose 31%, and same-store sales increased 9%.