US stock futures edge up ahead of key July CPI inflation data

US stock futures edged higher on Wednesday, August 12, as investors turned their attention to the latest Consumer Price Index (CPI) report, a key data point that could influence the Federal Reserve’s outlook on interest rates.

S&P 500 futures rose 0.3%, while Nasdaq-100 futures gained 0.7%. Dow Jones Industrial Average futures were up 78 points, or 0.1%, in premarket trading.

The relatively subdued moves came as markets awaited July’s inflation reading, due at 8:30 am ET. Economists expect the Consumer Price Index to rise 3.4% year on year in July, slowing from a 3.5% increase in June, while monthly CPI is forecast to rise 0.1%, Yahoo Finance reported.

Core CPI, which excludes food and energy prices, is expected to rise 0.2% from the previous month, according to economists polled by Dow Jones.

The inflation data will be closely watched after a softer-than-expected July jobs report, with investors assessing what the latest figures could mean for the Fed’s interest-rate path.

In premarket trading, CoreWeave shares jumped 18% after the cloud infrastructure company reported a second-quarter adjusted operating income margin of 5%, beating expectations.

Super Micro Computer shares also climbed 9% ahead of the opening bell following a strong quarterly earnings and revenue update. US-listed shares of Dutch cloud infrastructure company Nebius Group gained more than 8%.

The gains in technology and cloud infrastructure stocks provided some support to the broader market ahead of the inflation release.

On the earnings front, investors are also awaiting results from companies including Cisco Systems, Coherent Corp, Nebius Group and Cerebras Systems.

With earnings season nearing its end, Wednesday’s CPI report is likely to remain the main focus for markets as investors look for clues on the direction of interest rates and the broader US economy.

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