U.S. stock index futures edged higher early Wednesday as investors braced for the July Consumer Price Index (CPI) report, with artificial intelligence (AI)-infrastructure names leading premarket action after blockbuster results from CoreWeave. Investors also digested a mix of robust corporate earnings against the backdrop of an intensifying geopolitical impasse in the Middle East and an expected read on U.S. inflation.
The move follows a subdued Tuesday session in which the S&P 500 fell 0.32% to 7,753, as traders trimmed exposure ahead of the inflation print. The tech-heavy Nasdaq Composite Index moved down a steeper 0.60%.
US Stocks in Focus
CoreWeave (CRWV) surged in overnight trade after a blowout quarter. CoreWeave's second-quarter revenue increased 112% to $2.58 billion, surpassing analysts' estimates of $2.56 billion. Adjusted loss per share of $1.03 was smaller than the $1.20 per share target. The company's sales backlog reached $104 billion, nearly doubling the order book it reported in November. CoreWeave raised its full-year 2026 guidance.
CoreWeave stock rallied over 18% in premarket.
Nebius (NBIS) advanced ahead of its own before-the-bell report on Wednesday. Analysts expect its revenue to surge 466% to $574.6 million.
Shares of other neoclouds also advanced. IREN Ltd and Applied Digital gained 6% each.
Cisco Systems (CSCO) is on watch with Q4 2026 results due Wednesday, giving a fresh read on enterprise IT and networking demand.
Nvidia (NVDA) was firmer premarket after Nvidia jumped over 1% after raising $500 billion with banks privately for the buildout of more AI infrastructure, raising the leverage in the sector.
Lumentum (LITE), H&R Block (HRB), CAVA Group (CAVA) and Super Micro (SMCI) all rose sharply following Tuesday's after-the-bell earnings announcements.
Premarket Snapshot
| Instrument | Level | Change |
|---|---|---|
| S&P 500 futures | 7,770.29 | +0.29% |
| Nasdaq-100 futures | 29,842.25 | +0.73% |
| Dow Jones futures | 53,939 | +0.11% |
| US 10-year yield | 4.676% | down 8bps |
| WTI crude (Sep) | $83.11 | -0.11% |
| Brent crude | $88.79 | -0.13% |
| Gold futures | $4,473.50/oz | +0.73% |
| US Dollar Index (DXY) | 99.83 | +0.01% |
| CBOE VIX | 15.40 | +0.79% |
| Bitcoin (BTC) | $64,097.18 | -0.12% |
Macro Data Preview
The July CPI report headlines the session. CPI is forecast to rise 0.1% in July after decreasing 0.4% in June. Core CPI is forecast to increase 0.1% for the month after remaining flat in June. The Bureau of Labor Statistics will release the July CPI report at 8:30 a.m. Eastern Time on Wednesday, August 12. Headline CPI is expected to be up 0.1% from June to July and 3.4% from the year prior. Core CPI is forecast to rise 0.2% month over month and 2.5% year over year.
Asia: Chips Power Kospi's Surge
Asian shares ended mixed on Wednesday after U.S. stocks slipped a bit further from their records and oil prices advanced in the Asian session as doubts persisted over when the war with Iran will allow crude to flow freely again.
Tokyo's Nikkei 225 gained 0.8% to 67,524.06. In South Korea, the Kospi gained 3.7% to 6,579.04 on renewed buying of computer chipmakers. Samsung Electronics gained 6.7% and memory chipmaker SK Hynix was up 5.5%. Taiwan's Taiex advanced 0.9%. The Shanghai Composite index added 0.3% to 3,946.68, while the Hang Seng in Hong Kong slipped 0.83% to 25,440.17. In Australia, the S&P/ASX 200 lost 0.5% to 9,209.40.
The Korea Exchange triggered a temporary sidecar mechanism for the KOSPI after KOSPI 200 index futures rose 5%, suspending program buy orders for 5 minutes. South Korea's semiconductor sector served as the primary driver of the broader market rebound. Singapore's sovereign wealth fund Temasek recently decided to invest in Samsung Electronics and SK Hynix and has engaged with relevant South Korean government authorities to discuss the specific timing for executing the investment, according to a report by South Korea's Asia Business Daily on August 12.
Europe Firm Ahead of Inflation Print
European equity markets traded mostly higher by early afternoon trading as domestic traders awaited the U.S. inflation reading. Corporate results buoyed sentiment toward stocks such as Balfour Beauty, while luxury and healthcare stocks came under selling pressure.
Technical Levels to Watch
For the S&P 500, technicians remain focused on the prior early-June peak as the pivot for confirming a sustained breakout. The broad market index will have to close decisively above the 7,620 resistance level — which represents its prior June record — for a couple consecutive sessions before investors can trust the change in trend, according to market technicians. The S&P 500 hit an intraday record of 7,620.90 on June 2, before closing at 7,609.78. On the downside, support lies around the 7,600-7,630 area where the index has gapped up in early August.
Retail positioning in the E-mini S&P 500 futures (ES), a derivative instrument of the S&P 500 Index, shows a sharp deterioration in sentiment in the past hour of trading. According to MarketFramework's Positioning Edge tool, profitable traders remain net long at 66.7%, but their positioning has rolled over from a near-extreme bullish reading earlier in the session. More notably, unprofitable traders have shifted lower, with long exposure dropping to 35.7%, dragging overall market positioning down to 43.2% long. The synchronized decline suggests traders across the spectrum are becoming more cautious rather than expressing a strong directional conviction.
