Nasdaq Index: CoreWeave and Super Micro Drive Tech Stocks Higher After CPI

The Fed is still split. Three policymakers voted for a rate increase at the last meeting, and the next round of inflation data arrives before September. The report did not turn the committee dovish. It kept the no-hike case alive after last week’s weak payrolls report, and for the Nasdaq, that is enough.

What to Watch

CPI and AI earnings landed on the same morning and both favored the Nasdaq. The inflation number kept the September hold trade alive. CoreWeave and Super Micro showed that the AI buildout is producing revenue at the infrastructure level, not just at the chip level. The bid spreading into Dell, Micron and Cisco is the part that matters most because it tells you the market is buying the supply chain, not just two earnings reactions.

The Nasdaq has failed four consecutive times at last week’s high. Wednesday’s combination of rate relief and AI demand gives buyers their best setup to break through. CoreWeave gapping above both its 50-day and 200-day moving averages in one session puts the AI trade on notice that real demand is being priced, and the S&P 500 clearing its pivot opens the path to the record.

More Information in our Economic Calendar.