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Tech Earnings, Oil, CPI Lift Wall Street Pre-Bell; Asia, Europe Up

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Wall Street futures pointed moderately higher pre-bell Wednesday after tech-sector earnings reports validated investor optimism, oil prices calmed, and as traders awaited the latest national inflation report.

Setting the tone in the morning hours, CoreWeave (CRWV) rose 18.3% pre-bell after the cloud-computing enterprise released strong Q2 results, raised guidance, and reported a $104 billion backlog of orders late Tuesday.

Super Micro Computer (SMCI) lifted 9.4% pre-bell after the server maker posted better-than-expected fiscal Q4 earnings overnight and guided fiscal Q1 revenue well above market expectations.

In the futures, the S&P 500 rose 0.3%, the Nasdaq advanced 0.7%, and the Dow Jones was up 0.1%.

The VanEck Semiconductor fund (SMH) traded up 1.7% pre-bell.

West Texas Intermediate crude oil traded up 0.2% at $83.42 in morning action.

The July consumer price index (CPI) bulletin is slated for an 8:30 am ET release in Washington, a window into how steeper oil prices are pressuring inflation faced by consumers.

Asian exchanges traded mostly higher overnight, as tech shares regained favor. European bourses edged north at midday on the continent.

Cisco Systems (CSCO) reports earnings after the close, among others.

Also on the economic calendar, the weekly MBA mortgage applications bulletin posts at 7 am ET, and the weekly EIA petroleum status report at 10:30 am.

In pre-market action, Bitcoin traded at $64,041, and 10-year US Treasuries offered 4.67%. Spot gold commanded $4,416 an ounce.

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