Dow Futures Rise As Wall Street Digests Softer Than Expected Inflation Print: CRWV, CAVA, RGTI, BABA, BIDU Among Stocks To Watch

U.S. stocks appear set for a positive opening on Wednesday as a softer-than-expected inflation print boosted investor sentiment.

The Labor Department on Tuesday released the Consumer Price Index for July, showing a 0.2% uptick in inflation for the month, and 2.7% annually. This was lower than analyst estimates of 2.8%.

Core inflation, which excludes food and energy, rose to 3.1% annually in July, in line with estimates. While Dow Jones futures rose 0.29% at the time of writing, the S&P 500 futures edged up by 0.2%, while the tech-heavy Nasdaq 100’s futures rose 0.26%. Futures of the Russell 2000 index were up 0.29%.

Meanwhile, the SPDR S&P 500 ETF (SPY) gained 0.21% at the time of writing, while Invesco QQQ Trust (QQQ) was up 0.24% on Wednesday morning. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

Asian markets ended Wednesday’s trading session on a positive note, with the Hang Seng leading with gains of 2.29%, followed by the Nikkei 225 at 1.29%, and the KOSPI at 1.07%.

The TWSE Capitalization Weighted Stock index gained 0.87%, while the Shanghai Composite rose 0.48%.

Stocks To Watch

• CoreWeave Inc. (CRWV): CoreWeave shares plunged nearly 10% in Wednesday’s pre-market session after the company’s second-quarter loss came in at $0.27 per share, higher than the $0.23 loss per share expected by analysts, according to Stocktwits data.
• Cava Group Inc. (CAVA): Cava shares plummeted 24% pre-market after the company cut its full-year growth guidance to the 4% to 6% range, down from 6% to 8%.
• Rigetti Computing Inc. (RGTI): Rigetti shares traded 2% lower pre-market after the company’s Q2 revenue of $1.8 million came in below analyst estimates of $1.87 million, according to Stocktwits data.
• Alibaba Group Holding Ltd. (BABA), Baidu Inc. (BIDU), JD.com Inc. (JD): Shares of these Chinese companies rose between 2% to 4% pre-market after Tuesday’s CPI print increased the probability of the Federal Reserve cutting interest rates in September, according to CME Group’s FedWatch tool.
• Cisco Systems Inc. (CSCO) and Coherent Corp. (COHR) are among the companies reporting their latest results on Wednesday.

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