US Stocks Rise
US stocks are higher after strong AI company results and a tame CPI print
US stocks were firmly higher on Wednesday after strong results from AI companies and a relatively tame CPI print.
The S&P 500 rose 0.3% to test its record, the Nasdaq 100 rose nearly 1%, and the Dow edged higher.
CoreWeave surged 20% after posting stronger than expected sales results.
Similarly, SMCI advanced nearly 15% after its revenue forecast was higher than expected by analysts.
Hyperscalers and chip producers also gained from strong results from Tencent, while Temasek took fresh stakes on SK Hynix and Samsung.
The results injected fresh optimism on AI infrastructure stocks amid their volatile start to the third quarter.
Nvidia, Oracle, and Amazon were up.
Meanwhile, new inflation data showed relatively stable core inflation to ease pressure on the FOMC to raise interest rates.
Still, uncertainty on the return of energy supply from the Middle East maintained inflationary concerns.