US Stock Futures Climb Before Key Inflation Data: Markets Wrap
(Bloomberg) — Equity futures advanced as upbeat results from AI infrastructure firms revived appetite for tech stocks with traders awaiting a key US inflation reading later Wednesday.
Contracts on the Nasdaq 100 index rose 0.7% as CoreWeave Inc. surged 18% in premarket trading on stronger-than-expected sales, while Super Micro Computer Inc. gained 8.6% after its revenue forecast topped estimates. Futures on the S&P 500 were up 0.3%. Treasuries edged higher, with the yield on the benchmark 10-year note dipping three basis points to 4.66%.
Brent crude pared earlier gains after a Pakistan Foreign Ministry spokesperson said the deadline for a memorandum of understanding between the US and Iran can be extended. But with oil trading close to $89 a barrel and no firm peace deal in sight, concerns remain that elevated energy prices could prompt a more hawkish response from the Federal Reserve.
“A higher inflation reading would likely boost expectations of a hike in September and December and thereby putting pressure on equity and bond prices,” said Stephan Kemper, chief investment officer at BNP Paribas Wealth Management Germany.
Wednesday’s headline inflation gauge probably rose 0.1% in July following a 0.4% decline in the prior month, according to a Bloomberg survey of economists. Traders are pricing in a roughly 50% chance of a quarter-point increase next month.
Still, both Pacific Investment Management Co.’s Marc Seidner and Goldman Sachs Group Inc.’s Matheus Dibo say inflation will continue to moderate, allowing the Fed to hold policy steady in the foreseeable future. Dibo told Bloomberg TV he doesn’t see signs inflationary pressure is broadening, while Seidner pointed to a lack of growth in real incomes keeping prices suppressed.
Tech Optimism
The latest slew of results was welcomed by investors looking for evidence AI infrastructure companies can deliver the earnings needed to propel the tech rally further.
“The reports from CoreWeave and Super Micro are further evidence that AI infrastructure demand remains strong,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers. However, he cautioned that strong earnings don’t automatically translate into higher valuations, especially given elevated financing costs.
Strong earnings growth and a solid economy should help the S&P 500 withstand a modest increase in interest rates, according to RBC Capital strategists, who maintained their positive view on the benchmark over the next year.
Elsewhere, the yen was little changed around 159.09 per dollar. Investors are watching the currency as it approaches the key level of 160, which may trigger Japanese authorities to intervene again. The dollar weakened against most of its Group-of-10 peers.
Corporate News:
Lumentum Holdings Inc. shares gain as much as 9.3% in premarket trading on Wednesday. Analysts are positive on the maker of optical equipment after it reported fourth-quarter results that beat expectationss. Nvidia Corp. leads Magnificent 7 peers higher in premarket trading. The chipmaker’s partner Hon Hai reported a better-than-expected increase in quarterly profit, signaling robust global demand for AI hardware. ABN Amro Bank NV reported quarterly profit that beat analysts’ estimates thanks to higher fees and growth in lending income. Natarajan Chandrasekaran has stepped down as chairman of Tata Sons Pvt. ahead of a potentially contentious annual shareholder vote, CNBC-TV18 reported. Vestas Wind Systems A/S lifted its profit guidance for the year after a jump in orders for its wind turbines. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.3% as of 7:49 a.m. New York time Nasdaq 100 futures rose 0.7% Futures on the Dow Jones Industrial Average rose 0.1% The Stoxx Europe 600 rose 0.1% The MSCI World Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1541 The British pound rose 0.1% to $1.3524 The Japanese yen rose 0.1% to 159.07 per dollar Cryptocurrencies
Bitcoin rose 0.7% to $64,168.8 Ether rose 1.7% to $1,912.9 Bonds
The yield on 10-year Treasuries declined three basis points to 4.66% Germany’s 10-year yield declined two basis points to 3.14% Britain’s 10-year yield declined two basis points to 4.95% Commodities
West Texas Intermediate crude rose 0.1% to $83.32 a barrel Spot gold rose 1% to $4,412.91 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Ruth Carson, Elaine Lai and Anand Krishnamoorthy.
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