Stocks Rise as AI Earnings Boost Tech Ahead of US Inflation Data – Europe Market Wrap
Equity futures advanced as upbeat results from AI infrastructure firms revived demand for technology stocks, while investors awaited key US inflation data later Wednesday.
Nasdaq 100 futures rose 0.6%, with CoreWeave jumping 18% in premarket trading after reporting stronger-than-expected sales. Super Micro Computer gained 8.6% after issuing a revenue forecast above estimates. S&P 500 futures climbed 0.2%. Treasuries edged higher, with the 10-year yield falling two basis points to 4.67%.
Brent crude pared earlier gains after Pakistan’s Foreign Ministry said the deadline for a memorandum of understanding between the US and Iran could be extended. However, oil remained near $89 a barrel, while the absence of a peace agreement continued to raise concerns that elevated energy prices could prompt a more hawkish Federal Reserve response.
Markets are now focused on Wednesday’s US inflation report, with economists expecting headline CPI to rise 0.1% in July following a 0.4% decline the previous month. Traders are pricing roughly a 50% chance of a quarter-point rate increase next month.
The yen was little changed around 159.17 per dollar, with investors monitoring the currency as it approaches the key 160 level that could prompt another intervention from Japanese authorities. The dollar weakened against most Group-of-10 currencies.
