US stock futures rose on Wednesday, August 12 ahead of US inflation data and strong corporate earnings.
According to latest market data, rally in US stock futures was led by Nasdaq 100 futures, rising 0.65%, followed S&P futures were up around 0.23%, while Dow Jones climbed 0.06%.
The gains come after cloud computing company CoreWeave shares surged 18% during the premarket session as firm's second-quarter adjusted operating income margin of 5% exceeded expectations, reports said.
Super Micro Computer surged in the premarket trade, rising 9% after the company posted a strong quarterly earnings and revenue update.
The surge also comes ahead of US inflation data. The consumer price index for the month of July is estimated to show a marginal increase in monthly inflation, around 0.1% in the headline number and 0.2% for the core, according to reports. Meanwhile, the expected 12-month rates of 3.4% and 2.5%, respectively will be more than Fed's 2% target.
A significant surge in US inflation numbers will likely be a cause of concern for investors who expect it will determine the Federal Reserve's stance in its September meeting. The central bank primarily focuses on the impact of higher costs for consumers, raising rate hike bets.
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