S&P 500, Nasdaq futures rise after CoreWeave soothes AI spending fears
SPY•S&P 500 futures rose 0.74% and Nasdaq 100 futures climbed 1.67% after CoreWeave said it expected to become adjusted-profitable in the first half of 2028. Dow futures were up 0.03%, while traders also weighed hotter-than-expected inflation and expectations for a December Fed rate hike.
1. Futures rebound
S&P 500 and Nasdaq 100 futures rose on Wednesday after CoreWeave said it expected to become profitable on an adjusted basis in the first half of 2028, easing concerns about its debt burden. CoreWeave shares jumped more than 10% premarket. At 5:04 a.m. ET, S&P 500 E-minis were up 0.74%, Nasdaq 100 E-minis gained 1.67% and Dow E-minis rose 0.03%.
2. Rate concerns persist
Investors also weighed October consumer prices, which increased more than expected, with higher food and accommodation costs. Traders saw a December rate hike as nearly certain, while the CME FedWatch tool showed an 11.5% chance of a half-percentage-point increase. Daniela Hathorn of Capital.com said investors may have underestimated how much further the Federal Reserve will need to tighten.
3. Nvidia shares rebound
Nvidia shares rose 4% premarket after losing about $480 billion in value over the prior two sessions amid questions about CEO Jensen Huang's relationship with a Chinese businesswoman alleged to be a Beijing spy. Marvell Technology and Micron each gained nearly 7%. Investors also digested Anthropic's stated aim of a valuation of up to $1.4 trillion in its planned initial public offering.
