Investors are bracing for July inflation data this morning. The Consumer Price Index report is the main focus, as a moderate reading might offer the Federal Reserve room to hold interest rates steady. The S&P 500 has faced pressure for two consecutive days, pushed lower by rising oil prices amid tensions in the Middle East, though stock futures show a slight recovery heading into the market open.
In the tech sector, CoreWeave reports a significant revenue increase, doubling its figures from the previous year. Despite competition with larger technology firms for data center space, the artificial intelligence provider remains in a growth phase. CEO Michael Intrator is set to discuss these results on Morning Squawk today.
Legal questions are mounting regarding election betting. Various states are currently determining whether prediction market contracts fall under bans on gambling. This situation reflects a broader tension between state regulators and federal oversight regarding the legality of these platforms.
Commodities and markets are shifting to include new asset classes. CME Group intends to launch futures contracts linked to the cost of computing power for artificial intelligence models in October. This move mirrors recent efforts by companies like Nvidia to provide financing options for customers in need of AI hardware.
Finally, housing market expectations remain grounded. Invitation Homes CEO Dallas Tanner noted that recent housing legislation will likely reduce costs over the long term, though mortgage volatility and construction expenses are keeping prices high for now. Additionally, the New York Fed reports that collective credit card debt reached 1.26 trillion dollars in the second quarter.