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U.S. stock futures rose on Wednesday as traders looked ahead to an important inflation report that will likely determine the near-term direction for interest rates.
Futures for the Dow Jones Industrials jumped 121 points, or 0.2%, to 54,001.
Futures for the S&P 500 picked up 23.75 points, or 0.3%, to 7,771.25
Futures for the NASDAQ Composite hiked 211.75 points, or 0.3%, to 29,850.75.
The latest quarterly results and guidance from CoreWeave and Super Micro Computer reassured investors that demand in the artificial intelligence buildout is stable.
CoreWeave shares jumped 18% in premarket trade after the cloud infrastructure mainstay’s second-quarter adjusted operating income margin of 5% exceeded expectations.
Super Micro Computer added 9% following a strong earnings and revenue forecast for the first quarter.
Other stocks related to AI also gained. Dell Technologies and Micron Technology each advanced more than 2%, while Cisco Systems rose more than 1%. Additionally, U.S.-listed shares of Dutch neocloud specialist Nebius were also up more than 8%.
The moves come as investors await key inflation data. July’s consumer price index, due at 8:30 a.m. E.T., was expected to show only a slight increase in monthly inflation, of 0.1% in the headline number and 0.2% for the core reading, according to economists polled by Dow Jones.
However, the estimated 12-month rates of 3.4% and 2.5%, respectively, remain above the Fed’s 2% target. The consumer print is followed by July’s producer price index, due Thursday.
In Japan, the Nikkei 225 index dipped 0.1%, while in Hong Kong, the Hang Seng gathered 0.5%.
Oil prices inched up 50 cents to $83.70 U.S. a barrel.
Gold prices shone brighter $26.30 to $4,467.40 U.S an ounce.
