US futures point higher into the open after July inflation came in cool enough to take the pressure off the Fed, reviving the AI-infrastructure trade that has led this year's rally.

Futures now

As reported by Yahoo Finance and Bloomberg, Nasdaq-100 futures lead at +0.8%, S&P 500 futures are +0.4%, and Dow futures +0.2%. The single overnight driver was the 8:30 a.m. ET CPI print, which cleared a low bar and let the tech rally resume.

The number that set the tone: July CPI

Headline CPI rose 0.1% on the month and 3.4% year-on-year (down from 3.5% in June); core CPI rose 0.2% m/m and 2.5% y/y — all matching the Dow Jones consensus, per CNBC and CNN. Shelter drove roughly two-thirds of the monthly gain while energy fell 1.5%. The tame read has traders leaning toward the Fed holding rates — a reminder that in this cycle the live debate is still whether another hike is needed, not a cut.

Pre-market movers

• CoreWeave (CRWV) ~+18% — Q2 revenue $2.58B, up 112% y/y and above estimates, with a narrower-than-expected loss.
• Super Micro (SMCI) ~+7.5% — guided Q1 EPS to $1.01–$1.10 vs ~$0.76 expected, with revenue well above forecasts.
• Cava (CAVA) ~+16% — beat on its Q2 results.
• Micron (MU) ~+4% and Nvidia firmer, riding AI-infrastructure sentiment (source: CNBC / Benzinga).

On today's calendar

After CPI the slate is light: MBA mortgage applications already landed at 7:00 a.m. ET, and EIA weekly crude oil inventories are due at 10:30 a.m. ET. On earnings, Cisco (CSCO) reports Q4 FY26 after the close — consensus near $1.17 EPS on ~$16.8B revenue, with the stock up roughly 59% year-to-date. Fed officials remain split on whether another rate hike is warranted, so any policymaker commentary will be watched.

Rates, dollar & commodities

The US 10-year yield sat near 4.68% ahead of the data (CNBC). The dollar index hovered just under 100 (~99.85), with EUR/USD around 1.1540 (FXStreet). WTI traded near a seven-day high around $84.6 on lingering Iran supply doubts, and gold held near $4,350/oz.

Overnight global

Asia was mixed — Japan's Nikkei +0.8%, Hong Kong's Hang Seng -0.8% — while Europe traded quietly: Germany's DAX +0.3%, France's CAC -0.2% (AP).

What to watch at the open

Watch whether the AI-infrastructure leaders (CRWV, SMCI, MU, NVDA) hold their pre-market gains once the cash market opens or fade into the session. Keep an eye on the 10-year yield — a bigger move there would test the "Fed on hold" read the CPI just reinforced. And oil near seven-day highs is worth tracking as an inflation wildcard into the next print.

As of ~9:20 a.m. ET, Aug 12, 2026. Sources: CNBC, CNN, Yahoo Finance, CNBC premarket, FXStreet. Automated US market brief for discussion and education only — not investment advice. Verify before acting.