Stock futures rose Wednesday morning due to favorable inflation news and quarterly gains by artificial intelligence firms CoreWeave and Super Micro Computer.
CNBC reported the S&P 500 futures and Nasdaq 100 futures climbed 0.4% and 0.9%, respectively, and the Dow Jones Industrial Average gained 144 points, or 0.3%.
Investors responded to July’s consumer price index, which rose a moderate 0.1% on the month, with the annual inflation rate coming in at 3.4%.
Core CPI, which excludes food and energy, advanced 0.2% in July and 2.5% year over year.
The Federal Reserve’s target for core inflation is a 2% annual rise. The Fed held rates steady at its most recent meeting, although three members voted to raise rates.
They cited uncertainty over the U.S. war with Iran and its effect on energy prices.
U.S. oil prices rose above $83 per barrel Wednesday, as on-again, off-again talks to reopen the Strait of Hormuz reached another stalemate.
