S&P 500 hits record high after July CPI data; CoreWeave stock jumps 21%

S&P 500 hits record high after July CPI data; CoreWeave stock jumps 21%

Wed, August 12, 2026 at 4:54 PM GMT+3 2 min read

U.S. stocks rose Wednesday after July's consumer price index came in line with expectations, easing concerns about further Federal Reserve rate increases. The S&P 500 opened in record territory and was up 0.3% in early trading, with the Nasdaq Composite advancing 0.7% and the Dow Jones Industrial Average ticking up 24 points, or 0.1%.

Headline consumer prices rose 0.1% month-over-month in July and 3.4% on an annual basis, down from 3.5% in June. The core measure, which removes food and energy prices from the calculation, came in at 0.2% for the month and 2.5% on an annual basis.

The data gave markets some relief heading into next month's Fed meeting, where traders remain split on whether officials will hold rates or raise them by a quarter point. According to CME FedWatch data, futures markets put the probability of no change to the Fed's 3.50%–3.75% target range at around 58% following the release, compared with just over 45% the prior week.

"In-line inflation will keep the 'no need to hike rates' narrative that took hold after last week's jobs report intact," Morgan Stanley Wealth Management chief economic strategist Ellen Zentner told CNBC. "There will be another round of inflation data before the September FOMC meeting, so the storyline could still change. But unless those numbers tell a much different story, the Fed will likely still be in a position to leave rates unchanged next month."

AI-linked stocks provided a separate tailwind. CoreWeave shares surged 21% after the company posted a second-quarter adjusted operating income margin of 5% that beat analyst estimates, with revenue coming in at twice the level recorded a year earlier. Super Micro Computer shares rose 9% after the company issued an upbeat profit and sales outlook for the current quarter.

Other stocks connected to the AI buildout also moved higher. Dell Technologies gained more than 3% and Micron Technology added over 4%, with Cisco Systems posting a roughly 2% rise. Nebius, the Dutch cloud provider whose shares trade in New York, climbed more than 14%.

Oil prices remained a point of uncertainty. U.S. crude pushed above $83 a barrel, while Brent crude dipped below $90, as prospects for reopening the Strait of Hormuz dimmed. At the Fed's most recent meeting, three members broke with the majority and voted in favor of a rate increase, underscoring policymakers' ongoing sensitivity to inflation.