U.S. stock futures pointed higher on Wednesday, with Nasdaq contracts leading gains as investors positioned for a pivotal July inflation report and digested upbeat earnings from AI infrastructure names. S&P 500 futures rose about 0.2%, while Nasdaq 100 futures added roughly 190 points, or 0.6%. Dow futures were little changed.
The move follows a softer Tuesday session, but renewed confidence in AI spending helped revive risk appetite. CoreWeave and Super Micro Computer both reported results that underscored robust demand for computing capacity, providing a counterweight to lingering inflation concerns.
CPI report takes center stage
The Bureau of Labor Statistics is set to release July consumer price index data at 8:30 a.m. ET. Economists expect headline prices to rise 0.1% from June, following a 0.4% decline, with the annual rate easing to 3.4% from 3.5%. Core CPI is forecast to increase 0.2% month over month and slow to roughly 2.5% year over year.
Market pricing currently places about a 52% probability on a Federal Reserve rate hike in September. A softer inflation print could reinforce the case for a pause, while a hotter number might lift Treasury yields and pressure richly valued growth stocks. The July CPI report is widely seen as a key determinant of the Fed's next move.
AI earnings boost sentiment
CoreWeave surged more than 15% in pre-market trading after reporting second-quarter revenue of $2.58 billion, more than double the year-ago figure. The company's revenue backlog reached about $104 billion at the end of June, before an additional $25 billion in new customer commitments signed early in the third quarter. CoreWeave also raised its 2026 capital-expenditure forecast to $35 billion-$39 billion, up from a prior range of $31 billion-$35 billion, and lifted its revenue outlook.
Investors rewarded the increased spending, viewing it as a sign of strong demand visibility despite a wider quarterly net loss of $626 million. The response underscores the market's appetite for AI-related capital expenditure, even as scrutiny of data-center spending grows.
Super Micro Computer rose about 8%-9% after forecasting fiscal 2027 revenue of $65 billion to $72 billion. Fourth-quarter sales reached $11.1 billion, nearly double the prior-year figure, while gross margin recovered to 17.5% from 9.9% in the previous quarter. Adjusted earnings came in at $1.70 per share. The margin improvement is notable, as AI-server makers have faced questions about whether rapid sales growth can translate into acceptable profitability. The positive read-through lifted other AI names, including Nebius, IREN, and Applied Digital, while Nvidia also edged higher.
Broader market context
Wednesday's gains follow a modest pullback in the cash market. The Dow fell 0.4% on Tuesday, the S&P 500 slipped 0.3%, and the Nasdaq lost 0.6% as investors trimmed risk ahead of the CPI release. Despite that, the broader backdrop remains constructive. The S&P 500 and Dow are still near record levels, and the equal-weighted S&P 500 reached a record on Tuesday, suggesting the rally is broadening beyond megacap technology.
In other earnings news, Cava jumped more than 10% before the bell after second-quarter revenue rose 31% and same-store sales increased 9%. The results highlight that the earnings trade is not solely about AI, as consumer-facing companies also show resilience.
Investors will also be watching the gold market, which has been approaching $4,400 as traders await the CPI data. A hotter-than-expected inflation print could boost safe-haven demand, while a cooler reading might weigh on the precious metal.
As the session unfolds, the interplay between inflation data and AI-driven earnings will likely dictate market direction. The recent volatility underscores the sensitivity of equities to both macro and micro signals.
This article is for informational purposes only and does not constitute financial advice.
