US equity futures moved higher on Wednesday as traders positioned for the July Consumer Price Index report, a release that could reshape expectations for the Federal Reserve's September rate meeting. S&P 500 futures added about 0.2%, Nasdaq 100 contracts climbed roughly 190 points or 0.6%, while Dow futures were little changed.
Economists expect headline CPI to rise 0.1% month over month after a 0.4% decline, with the annual rate easing to 3.4% from 3.5%. Core CPI is projected to increase 0.2% on the month and slow to about 2.5% year over year. Markets are almost evenly split on whether the Fed raises rates in September, with pricing before the release putting the probability of a hike at roughly 52%.
A cooler reading would reduce rate-hike fears and lower Treasury yields. In that scenario, rate-sensitive megacaps such as Tesla, D.R. Horton and Apple are seen as immediate beneficiaries. Tesla benefits through cheaper auto financing and improved growth-stock valuations. D.R. Horton would gain from lower mortgage rates and stronger housing affordability. Apple benefits from restored household purchasing power and more valuable long-term cash flows in a lower-yield environment.
The session also drew support from AI infrastructure earnings. CoreWeave jumped more than 15% premarket after reporting second-quarter revenue of $2.58 billion, more than double a year earlier, and a revenue backlog of about $104 billion at the end of June. The company raised its 2026 capital-expenditure forecast to $35 billion to $39 billion from $31 billion to $35 billion, even as its quarterly net loss widened to $626 million. Super Micro Computer rose about 8% to 9% after forecasting fiscal 2027 revenue of $65 billion to $72 billion and reporting a gross margin recovery to 17.5% from 9.9% in the prior quarter.
Tuesday's session had been weaker, with the Dow down 0.4%, the S&P 500 off 0.3% and the Nasdaq lower by 0.6%. Still, the equal-weighted S&P 500 reached a record, suggesting broadening market participation beyond megacap technology. Cava added more than 10% before the bell after revenue rose 31% and same-store sales increased 9%, while Cisco was set to report after the close. For crypto traders, a softer inflation print is also being watched as a potential tailwind for risk appetite, because lower Treasury yields and a less hawkish Fed tend to support longer-duration assets.
