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Wall Street stocks rose Wednesday, with the S&P 500 adding 0.3% to 7,748.50, its first gain since setting an all-time high on Friday, after AI companies reported strong earnings and U.S. inflation eased slightly. Super Micro Computer jumped 19.6%, CoreWeave leaped 19.4%, and Nvidia climbed 3.1%, lifting the index. Treasury yields fell as July CPI came in at 3.4%.
Global shares were mixed on Wednesday ahead of the U.S. inflation report. Oil prices rose 1% on Iran conflict and shipping concerns. South Korea's Kospi surged 3.7% on chipmaker buying, with Samsung up 6.7%. Gold edged up 0.8% to $4,400.44 an ounce.
US stocks fell on Tuesday, with the S&P 500 down 0.3%, as oil prices rose above $88 a barrel after Iran said the Strait of Hormuz would remain closed until its conditions were met. Energy and industrial stocks gained while tech shares dragged. Investors awaited CPI data, with markets pricing a near 50% chance of a Fed rate hike in September.
Global stocks edged higher and oil prices dipped on Wednesday as traders focused on US-Iran talks. US inflation data showing only a slight rise dampened expectations for a Federal Reserve rate hike. Gold touched a two-month high, while separate ship attacks and Iran's threat to keep the Strait of Hormuz closed added geopolitical risk. Kingspan shares jumped 7.5% after its largest acquisition, and London's FTSE 100 closed lower for a third day.
U.S. stock futures rose Wednesday ahead of the July inflation report, with S&P 500 futures up 0.3% and Nasdaq futures up 0.7%. AI infrastructure stocks surged on strong earnings. Oil prices were flat but sharply higher this week as the Strait of Hormuz is effectively shut down due to fighting in Iran.
South Korean stocks surged for a third consecutive session on Wednesday, with the KOSPI closing up 3.68% at 6,579.04. Samsung Electronics and SK hynix led gains, rising 6.68% and 5.54% respectively, as foreign and institutional investors bought chip heavyweights, triggering a buy-side sidecar. The won strengthened slightly to 1,415.7 per dollar.
AI and hyperscaler companies have produced larger-than-usual post-earnings stock swings this season, breaking the historical pattern where smaller companies typically see bigger moves. ORATS data shows options straddles on early reporters gained 23% on average in week one, while later weeks saw losses.
US stocks were flat near record highs on Tuesday, with the S&P 500 unchanged and the Dow up 0.2%. Brent crude briefly jumped above $90 before pulling back to $87.18, down 0.6%, as oil swings continued since the Strait of Hormuz closure. Traders awaited July inflation data due Wednesday, expected to decelerate to 3.4%.
This podcast episode argues that the 1873 German stock market crash, known as the Gründerkrach, had a lasting legacy beyond finance by fueling social division and transforming old prejudices into modern antisemitic conspiracy theories. Host Robin Wigglesworth discusses with author Liaquat Ahamed how these ideas later resurfaced with catastrophic consequences in the 20th century.
Rakuten Group shares plunged 14% in Tokyo on Wednesday, their largest single-day decline in two years, after quarterly operating profit of 20.05 billion yen ($125.9 million) sharply missed the consensus estimate of 39.85 billion yen. Revenue rose more than 11% and the company returned to profitability, but the miss overshadowed the results.