FX.co ★ US Stocks Extend Rise After CPI

US stock futures extended gains on Wednesday, supported by strong earnings from AI-related firms and a relatively subdued CPI report. The S&P 500 rose 0.5%, again testing its record high, while the Dow added about 150 points and the Nasdaq 100 climbed 0.9%.

CoreWeave jumped as much as 20% in premarket trading after reporting sales that beat expectations. Super Micro Computer (SMCI) also advanced nearly 10% following a revenue forecast that exceeded analysts’ estimates. Hyperscalers and semiconductor producers rallied as well, buoyed by robust results from Tencent and news that Temasek had taken fresh positions in SK Hynix and Samsung.

These developments revived optimism around AI infrastructure names after a volatile start to the third quarter, lifting shares of Nvidia, Oracle, and Amazon.

On the macro front, the latest inflation data showed core price pressures remaining relatively stable, easing some of the urgency for the Federal Open Market Committee to raise interest rates. However, uncertainty over the timing and extent of energy supply normalization from the Middle East continued to fuel underlying inflation concerns.