S&P, NASDAQ Get Set to Build on Highs

Futures tied to the S&P 500 and NASDAQ moved higher early Wednesday as investors come off a record-setting session that saw encouraging news on the inflation front.

Futures for the Dow Jones Industrials leaped 138 points, or 0.3%, to 44,696.

Futures for the S&P 500 were positive 11.75 points, or 0.2%, to 6,480.25

Futures for the NASDAQ hiked 54.25 points, or 0.2%, to 23,992.75.

Cava shares plunged more than 22% after the Mediterranean restaurant chain reported disappointing second-quarter revenue growth and lowered its same-store sales forecast for the full year. CoreWeave shares dropped about 9% as the artificial intelligence infrastructure provider delivered a mixed quarter, despite robust revenue gains.

Stocks rose Tuesday as inflation data was tamer than expected, soothing investor fears that tariffs are not spiking prices. Traders are now pricing in a nearly 94% chance of a rate cut at the Federal Reserve’s September meeting.

Thursday’s producer price index report on wholesale inflation will add another piece of the economic picture. The report comes ahead of the Fed’s Jackson Hole meeting on Aug. 21-23, which could also help shape expectations for the central bank’s next policy move.

In Japan, the Nikkei 225 surged 1.3% Wednesday to a new all-time peak, while in Hong Kong, the Hang Seng leaped 2.6%.

Oil prices slipped 53 cents to $62.64 U.S. a barrel.

Gold prices brightened $17.20 at $3,416.20 U.S. per ounce.