U.S. stock futures are modestly higher ahead of the Wall Street open as traders await a key inflation report that will likely determine the near-term direction for interest rates.

The moves come after another downbeat day for stocks amid rising oil prices on Tuesday. The July consumer price index is due at 8:30 a.m. ET and is expected to show a month-over-month reading of 0.1% in the headline number and 0.2% for the core reading. On a year over year basis, the headline inflation reading is expected to fall to 3.4% from 3.5% in June with the core falling to 2.5% from the prior 2.6%. Both numbers are above the Fed’s 2% mandate but have trended lower. According to the CME FedWatch Tool, expectations for a 25-basis-point hike at the September Fed meeting are near 48%.

On the corporate front, cloud infrastructure provider CoreWeave (CRWV) shares are up 17% in premarket trade after positive earnings and higher guidance.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are up 0.55% to $83.65 per barrel
• Gold (/GC) – Gold futures are up 0.74% to 4,474.30 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 1.16% to 64,345
• VIX (/VIX) – The CBOE Volatility Index is up 0.65% to 15.38
• U.S. Dollar ($DXY) – The dollar index is down 0.05% to 99.775

Big Premarket Movers (as of 8 AM ET)

Advancers:

• Super Micro Computer (SMCI) 8.67%
• Lumentum Holdings (LITE) 8.29%
• Coherent (COHR) 6.07%
• SanDisk (SNDK) 4.17%
• Ciena (CIEN) 3.99%

Decliners:

• Cencora (COR) -3.26%
• ServiceNow (NOW) -1.54%
• Palantir Technologies (PLTR) -1.47%
• PayPal Holdings (PYPL) -1.27%
• Salesforce (CRM) -1.26%

Economic Data (ET)

• 07:00 AM: MBA Mortgage Applications
• 08:30 AM: Consumer Price Index (CPI)
• 10:30 AM: EIA Oil Inventories
• 1:00 PM: 10-Year Note Auction
• 2:00 PM: Treasury Statement

Notable Earnings

• Premarket: ALT, AMCR, EAT, GLBE, KTB, NBIS, TCEHY, WRD
• Postmarket: CAE, CBRS, CSCO, COHR, GO, JACK, PAAS, RRGB, STUB, SPCE
• Premarket Thursday: AIT, BIRK, GDS, LUNR, JD, MSGS, MLCO, TPR, EVTL, WWW, YETI
• Postmarket Thursday: AMAT, BAP, GLOB, KLC, NU, QSI, STNE

Upgrades/Downgrades

• Citizens upgrades Okta (OKTA) from Market Perform to Outperform
• Daiwa upgrades Merck (MRK) from Neutral to Outperform
• Oppenheimer upgrades Intuitive Surgical (ISRG) from Perform to Outperform
• Jefferies downgrades Gap (GAP) from Buy to Hold
• Raymond James downgrades On Holding (ONON) from Strong Buy to Outperform
• Berenberg downgrades Novo Nordisk (NVO) from Buy to Hold

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.