Nasdaq futures jump ahead of CPI report: 5 things to know before Wall Street opens

• CoreWeave doubled revenue to $2.58 billion and raised 2026 capex guidance to $35-39 billion, with revenue backlog reaching $104 billion plus $25 billion in new Q3 commitments.
• Super Micro Computer forecast fiscal 2027 revenue of $65-72 billion with gross margin recovering sharply to 17.5% from 9.9%, easing profitability concerns in AI hardware.
• July CPI is expected to show headline inflation at 3.4% year-over-year (down from 3.5%) and core CPI at 2.5%, with the reading likely to swing Fed rate-hike expectations for September.

Market Summary

Market Overview:

Nasdaq futures gained 0.6% (approximately 190 points) ahead of Wednesday's trading session, while S&P 500 futures rose 0.2% and Dow futures remained flat. This follows a Tuesday decline where the S&P 500 fell 0.3% and Nasdaq dropped 0.6%.

Key Event:

July CPI data, releasing at 8:30 AM ET on August 12, 2026, is the session's focal point. Economists forecast headline inflation rising 0.1% month-over-month (from -0.4% in June) with annual rates easing to 3.4% from 3.5%. Core CPI is expected up 0.2% monthly and 2.5% annually. Markets remain split on whether the Fed will raise rates in September, making this data critical.

AI Infrastructure Rally:

CoreWeave surged after reporting Q2 revenue of $2.58 billion (more than doubled year-over-year) with a revenue backlog of $104 billion. The company raised 2026 capex guidance to $35-39 billion from $31-35 billion, despite a widened net loss of $626 million.

Super Micro Computer jumped on fiscal 2027 revenue guidance of $65-72 billion. Q4 sales reached $11.1 billion (nearly double prior year), with gross margin recovering to 17.5% from 9.9%. Adjusted earnings hit $1.70 per share. The margin improvement signals AI-server profitability is improving.

Broader Market:

Cava rose 10%+ after Q2 revenue increased 31% with same-store sales up 9% and traffic growing 5.3%. The equal-weighted S&P 500 hit a record Tuesday, suggesting rally broadening beyond megacap tech. Cisco reports after the close, testing enterprise AI demand.

Market Implications:

CPI data will likely determine near-term direction, particularly for growth stocks. Strong AI infrastructure demand provides support, but rate uncertainty remains a risk factor.