U.S. stock futures rise before August CPI data

Economists expect headline CPI to rise 0.37% month on month, lifted by energy costs, while core CPI is seen holding near 0.19%. A hotter-than-expected reading would likely keep pressure on growth and rate-sensitive stocks, while a softer print could ease bond yields and support equities that have struggled under tighter financial conditions.

The S&P 500 and Nasdaq 100 are getting modest premarket support, with SPY up 0.53% to $761.85 and QQQ rising 0.62% to $713.05. But trading remains anchored to the inflation release, with investors using it as the next major checkpoint for whether the Fed can slow down after a year of sticky prices and higher borrowing costs.

That backdrop also shapes the reaction in individual stocks. Oracle rose 6.97% premarket after topping first-quarter expectations and lifting its FY27 adjusted EPS guidance, reinforcing the market’s preference for companies with earnings momentum and AI-linked spending exposure. Adobe fell 3.07% despite beating fiscal third-quarter estimates, suggesting investors are still demanding more than just a modest earnings beat in a market sensitive to valuation and forward guidance.

RH was up 8.19% after mixed second-quarter results, with earnings beating estimates even as revenue slightly missed. The swing in these high-beta names reflects how quickly traders are rotating around earnings quality and guidance rather than just headline beats.

Elsewhere, Copart jumped 7.28% after its results and plans to buy ACV Auctions, while Rocket Lab edged higher after another Electron launch. Those moves underline a broader market that is rewarding company-specific catalysts even as macro risk dominates the tape.

Oil near $100 a barrel adds another inflation risk ahead of the CPI print, and geopolitical tensions in the Red Sea and Bab el-Mandeb Strait reinforce the threat of higher energy and shipping costs. That leaves investors weighing whether the latest inflation reading is enough to change the near-term rate path, or whether the market can continue to look through the pressure and refocus on earnings into year-end.