TradingKey - On Wednesday, Eastern Time (August 12), futures on the three major U.S. stock indices rose slightly in pre-market trading as the market awaited the release of U.S. July CPI data. Strong AI earnings reports boosted risk appetite for tech stocks, with CoreWeave, Super Micro Computer, and Lumentum surging in pre-market trading, driving Nasdaq 100 futures higher; however, oil prices remained at elevated levels, and geopolitical energy inflation risks remained a major concern for the market.

As of press time, Dow futures were up 0.13%, S&P 500 futures rose 0.22%, and Nasdaq 100 futures gained about 0.61%.

Performance of the three major U.S. stock index futures, Source: Investing

In commodities, spot gold (XAUUSD) rose nearly 1%, trading around $4,410; international oil prices gained slightly, with WTI (USOIL) crude trading near $83.5 and Brent crude remaining around $89. Uncertainty surrounding U.S.-Iran negotiations over the Strait of Hormuz, coupled with Red Sea shipping risks, led the market to continue pricing in crude oil supply disruptions.

In cryptocurrencies, Bitcoin (BTC) was trading near $64,100, up about 1% on the day.

Market Action

CoreWeave (CRWV) rose over 18% in pre-market trading. The company's second-quarter revenue reached $2.58 billion, doubling year-over-year and beating market expectations, setting a revenue record for the fifth consecutive quarter. CoreWeave's sales backlog rose to $104 billion, reflecting continued strong demand for AI compute leasing and driving investors back into the AI cloud infrastructure theme.

Super Micro Computer (SMCI) rose over 8% in pre-market trading. The company's fourth fiscal quarter sales nearly doubled to $11.12 billion, with adjusted earnings per share of $1.70, beating market expectations. The company expects first-quarter revenue for the new fiscal year to be $14.5 billion to $15.5 billion, significantly above market expectations, demonstrating resilient demand for AI servers and liquid-cooled data centers.

Lumentum (LITE) rose over 8% in pre-market trading. The company's fourth fiscal quarter revenue grew 109% year-over-year to $1.01 billion, and adjusted earnings per share were $3.23, both topping market expectations. The company's revenue and profit guidance for the next quarter were also stronger than expected, boosting sentiment in the optical communications and AI data center connectivity sectors. AI hardware-related stocks such as Coherent (COHR) and Marvell (MRVL) strengthened in tandem in pre-market trading.

CAVA (CAVA) rose over 11% in pre-market trading. The company's second-quarter profit improved, driven by foot traffic growth, indicating that U.S. dining consumption remains resilient. The stock surged in pre-market trading, becoming a key focus in the consumer sector.

Market News

The U.S. July CPI data will be released today. According to the U.S. Bureau of Labor Statistics schedule, the July CPI will be published at 8:30 a.m. Eastern Time on August 12. Markets expect year-over-year CPI growth to ease slightly from 3.5% in June to 3.4%, while year-over-year core CPI may fall from 2.6% to 2.5%. The data will influence market expectations regarding whether the Federal Reserve will raise interest rates in September.

Earnings reports from CoreWeave, Super Micro Computer, and Lumentum showed continued strength in AI infrastructure demand. CoreWeave's second-quarter revenue doubled year-over-year, with its sales backlog rising to $104 billion; Super Micro Computer's fourth-fiscal-quarter sales nearly doubled while providing higher-than-expected revenue guidance for the next quarter; Lumentum's fourth-fiscal-quarter revenue grew 109% year-over-year, driven primarily by optical communications demand in AI data centers.

Uncertainty remains regarding negotiations to reopen the Strait of Hormuz. The U.S. and Iran continue talks on reopening the Strait of Hormuz, but differences persist over issues such as sanctions relief, asset freezes, and security arrangements. As a key corridor for global energy transit, the progress of negotiations will continue to affect crude oil supply expectations and inflation risks.

Important Data/Events Preview

At 8:30 AM ET on August 12, the US releases July CPI data.

At 10:30 AM ET on August 12, the US releases EIA crude oil inventory data.

At 1:00 PM ET on August 12, the US holds a 10-year Treasury auction.

After market close on August 12 ET, Cisco (CSCO) and Coherent report earnings.

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