Closing Bell: Tech Earnings Support U.S. Indexes

Stocks edged higher on Wednesday as investors assessed easing inflation data.

The biggest index move was in the tech-heavy Nasdaq-100 (NDX), which rose roughly 0.74% as artificial intelligence shares gained ground. The S&P 500 (SPX) rose 0.26% and the Russell 2000 Index (RUT) rose 0.61%. The Dow Jones Industrial Average ($DJI) declined fractionally. U.S. oil futures were down 0.38% to $82.88 per barrel.

Economic data highlighted unsurprising but stubborn inflation for Federal Reserve officials to weigh ahead of their September meeting. Headline CPI ticked up 0.1% in July compared to June, and the annual inflation rate landed at 3.4%, both in line with expectations. Iran war bottlenecks have curtailed energy shipments, creating volatility in gasoline prices over time. Core CPI, which excludes food and energy, advanced 0.2% last month and 2.5% on the year.

As earnings season comes to a close, there are still companies reporting. Some things to know about Wednesday’s markets:

CoreWeave (CRWV) shares jumped 19% after reporting second-quarter revenue doubled to $2.58 billion versus a year ago. Adjusted operating income margin of 5% exceeded expectations and it reported a record $104 billion order backlog, according to reports.

Super Micro Computer (SMCI) also lent support to the tech rally on Wednesday, rallying 19% following a strong earnings and revenue forecast for the current quarter.

Shares of Cerebras Systems (CBRS) rose nearly 12% in regular trading but slumped 15% after the close, when the company reported for the second time after its IPO. Cerebras raised its full-year outlook. But its loss of $2.98 per share was higher than expectations, and revenue of $180.1 million was below estimates, according to reports. See CBRS to $209? Paul Meeks Explains Street Low Price Target

Cisco Systems (CSCO) shares slipped roughly 4% after hours, reversing a rise in regular trading, after it reported first quarter revenue that exceeded analyst expectations. Cisco’s AI Data Center Business Gains Traction With Hyperscalers

Nebius Group (NBIS) rallied 34% following its second-quarter earnings report in which total revenue surged on AI cloud revenue and expansion in large customer contracts. The company reaffirmed full-year 2026 revenue guidance and raised year-end contracted power targets. CRWV v. NBIS: Examining Neocloud Approach & Capital Awareness in AI Buildout

Cava Group (CAVA) shares surged 14% after the Mediterranean fast-casual chain reported better-than-expected second-quarter earnings. See CAVA CFO Tricia Tolivar on Growth, Expansion & Reaching 1,000 Restaurants

Alphabet (GOOGL) unveiled its new Pixel 11 smartphone lineup, spotlighting Gemini Intelligence, which the company believes could change how people interact with smartphone. Alphabet shares were flat in Wednesday trading.

Angrej Singh and Tom White contributed to this report.

ECONOMIC DATA (ET), Thursday, Aug 13

·        8:15 AM: Fed's Hammack speaks

·        8:30 AM: Jobless Claims

·        8:30 AM: PPI

·        8:40 AM: Fed's Barkin speaks

·        9:00 AM: Fed's Venable speaks

·        10:30 AM: EIA Natural Gas Inventories

·        1:00 PM: 30-Year Bond Auction

·        4:30 PM: Fed Balance Sheet

EARNINGS SNAPSHOT:

·        Premarket Thursday: JD.com (JD), Tapestry (TPR), Birkenstock (BIRK), YETI (YETI), Bullish (BLSH), Intuitive Machines (LUNR)

·        Postmarket Thursday: Applied Materials (AMAT)

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