S&P 500 — US Large Cap Index
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- US index futures jumped after President Trump signaled reduced likelihood of further military action against Iran.
- CoreWeave’s strong quarterly beats and Anthropic’s potential debut fueled renewed optimism across the AI sector.
- The pre-market rebound follows Tuesday’s losses driven by heightened CPI-linked Federal Reserve rate hike expectations.
Dow Jones futures gain 0.16% to trade around 52,400 during the European hours on Wednesday. Meanwhile, S&P 500 futures advance 0.60% to trade around 7,590 and Nasdaq 100 futures rise 1.45% to trade around 28,230.
US stock futures surged as risk appetite returned to the market, driven by signs of easing geopolitical friction. US President Donald Trump indicated that further military action against Iran may no longer be required, a stance supported by US Secretary of State Marco Rubio at the G7 summit. At the same time, Congressional Democrats are planning to use the approaching government funding deadline as leverage to steer the administration toward a diplomatic resolution.
Market sentiment gained momentum from strong financial results delivered by AI computing provider CoreWeave, which rekindled enthusiasm for the broader artificial intelligence sector. CoreWeave shares jumped nearly 8% in after-hours trading after the company delivered beat-and-raise quarterly earnings, underscoring resilient demand for AI infrastructure. Confidence in the space was also reinforced by reports that Anthropic could make its market debut as soon as next week, aiming to raise up to $90 billion at a diluted valuation near $1.4 trillion.
This rebound follows a weak session on Wall Street on Tuesday, where the Dow Jones dropped 0.35%, the S&P 500 shed 0.38%, and the Nasdaq Composite fell 0.74%. US equities came under pressure after the latest CPI release solidified expectations for a Federal Reserve rate hike in December, with the CME FedWatch tool suggesting 85% odds of a rate increase in December.
US core inflation print surprises to the upside in October
Societe Generale’s Jan Groen highlights that the latest US inflation data came in firmer than anticipated, noting that “October core CPI surprised to the upside at 0.3% m/m.” He points out that this stronger core reading underscores lingering underlying price pressures, even as markets look ahead to the corresponding PCE data for a fuller assessment of the inflation trend.
