Daily Market Update: CoreWeave and Super Micro Earnings Boost Stock Futures Before CPI Report

TLDR

• Nasdaq 100 futures rose 0.5% and S&P 500 futures added 0.2% ahead of Wednesday’s CPI report
• CoreWeave, Lumentum, and Super Micro beat earnings expectations, boosting AI sentiment
• July CPI inflation is forecast at 3.4% annually, down from 3.5% in June
• The Federal Reserve’s September rate decision hinges on the inflation reading
• Strait of Hormuz tensions pushed Brent crude near $90 per barrel for a sixth straight session

Stock futures edged higher Wednesday morning after a string of strong AI-related earnings gave investors a reason to buy ahead of a key inflation report.

Nasdaq 100 futures rose 0.5%. S&P 500 futures gained 0.2%. Dow Jones futures were effectively flat.

The gains followed two straight sessions of losses across the major indexes. Investors had been sitting on their hands, waiting for fresh data.

AI Earnings Spark Optimism

CoreWeave, Lumentum, and Super Micro all reported quarterly results that topped analyst expectations. The numbers pointed to continued demand for AI infrastructure.

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