How Nasdaq, S&P 500, Dow Futures Are Trading Ahead Of July Inflation Data Release

•  The July CPI is expected to show monthly headline inflation rising 0.1% and core inflation increasing 0.2%, according to Dow Jones economists.
• Meanwhile, on the geopolitical front, U.S. forces fired on a Panama-flagged ship that attempted to breach the American blockade of Iranian ports.
• Global oil prices climbed higher at the time of writing amid the escalating tensions between the U.S. and Iran. 

U.S. stock futures were trading mixed in the overnight session late Tuesday as markets await key July inflation data that is likely to provide further cues on the Federal Reserve’s near-term interest rate decisions. 

Dow futures were flat, while S&P 500 futures climbed 0.11%, and Nasdaq-100 futures gained 0.26% at 11:12 PM EDT.  

U.S. stocks closed lower on Tuesday, with the Nasdaq Composite leading the declines by shedding nearly 160 points to close 0.6% lower. The S&P 500 was down 0.32%, while the Dow also ended the session 0.34% lower. 

What’s Driving US Markets?

July’s consumer price index (CPI) report is in focus on Wednesday as investors hope for a reading as encouraging as June’s. This is likely to impact the central bank’s monetary policy decision coming up in September. 

The July CPI, due at 8:30 a.m. ET Wednesday, is expected to show monthly headline inflation rising 0.1% and core inflation increasing 0.2%, according to Dow Jones economists.

Mohamed El-Erian, Chief Economic Advisor at Allianz, shared a snapshot from Bloomberg outlining consensus forecasts for the CPI release in a post on X. “Market participants and analysts will be watching these figures closely to gauge the extent to which energy price increases since February have spilled over into core inflation, the strength of services inflation, and how all this could shape Fed policy thinking,” he said. 

Meanwhile, MUFG Bank’s Michael Wan reportedly said in a research report that the Federal Open Market Committee’s focus is leaning more toward inflation numbers rather than the labor market, as per a report from the Wall Street Journal. 

“While the weaker-than-expected nonfarm payrolls numbers last week help, the CPI numbers later today are arguably more important,” Wan reportedly stated. 

Meanwhile, on the geopolitical front, U.S. forces fired on a Panama-flagged ship that attempted to breach the American blockade of Iranian ports, escalating tensions and raising concerns over the peace deal negotiations between the two countries. 

“Earlier today, CENTCOM forces disabled the steering gear of Panama-flagged M/V Vela Nova as the cargo vessel attempted to transit the Gulf of Oman and violate the U.S. blockade against Iran by sailing toward an Iranian port. A U.S. Navy MH-60 helicopter fired two Hellfire missiles into the Vela Nova’s engine room after the ship’s civilian crew ignored repeated warnings from American forces. The ship is no longer transiting to Iran in violation of the U.S. blockade, which remains in full effect,” the U.S. Central Command said in a post on X. 

“As of Aug. 11, CENTCOM has redirected 55 commercial vessels attempting to run the blockade, disabled 3 non-compliant vessels, and boarded 2. U.S. forces operating in the Middle East are highly vigilant, lethal, and ready,” it added. 

Global oil prices climbed higher at the time of writing amid the escalating tensions. Brent crude futures expiring in October were up about 0.66% to $89.50 a barrel. Meanwhile, WTI crude futures expiring in September were trading at $83.83 per barrel, up about 0.72% at the time of writing. 

Trending Stocks To Watch 

CoreWeave Inc. (CRWV): Shares of the company surged more than 15% higher in the overnight session late Tuesday after reporting another record quarterly result. CoreWeave’s revenue more than doubled year-over-year compared to the last quarter, and the company also hiked its full-year target. 

Ondas Inc. (ONDS): The drone-maker’s shares were up more than 1% in the overnight session late Tuesday in anticipation of its upcoming second-quarter (Q2) results due on Aug. 13 before the bell. 

Super Micro Computer Inc. (SMCI): Shares of the server maker soared nearly 8% after-hours Tuesday after its fourth-quarter (Q4) results and fiscal 2027 revenue outlook beat Wall Street expectations, fueled by strong AI-driven server demand and a record backlog.

Strategy (MSTR): The company was on the retail radar amid its announcement from Monday that it had sold 1,690 Bitcoin (BTC) for about $108.6 million at an average sale price of $64,262 between Aug. 3 and Aug. 9. 

Other Market Trends 

Yields on the 10-year Treasury were at 4.686% at the time of writing, while spot gold prices increased to $4,404.69 per ounce. 

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ) edged higher at the time of writing, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) was flat. 

The iShares 20+ Year Treasury Bond ETF (TLT) was up 0.11% amid ‘bearish’ sentiment.

Asian markets were trading mixed on Wednesday. South Korea's KOSPI, Japan’s Nikkei 225 and China’s SSE Composite all climbed higher at the time of writing, while Australian stocks were trading in the red.  

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