Stock futures were up Wednesday as investors awaited July's inflation

data ahead of the Federal Reserve's meeting in September.

Blockbuster results yesterday from CoreWeave and Super Micro Computer were fueling some of the optimism and rekindling enthusiasm for the AI trade, with Nasdaq futures rising 0.6%.

Investors' focus remains on CPI data, which could come in weaker than expected, "helped by more benign energy inputs during the relevant measurement window," Tickmill Group said.

This could strengthen the case for the Fed to keep interest rates on hold in September, it added. Nonetheless, high oil prices, energy supply disruptions and resilient U.S. consumer demand mean that a Fed rate increase remains likely in 2026.

Meanwhile, oil prices extended gains for another session as markets remained skeptical that a deal to restore shipping through the Strait of Hormuz is imminent.

Stocks to watch

CAVA rose 10% after the Mediterranean fast-food chain reported that higher customer traffic boosted its profit in the second quarter.

Cisco, StubHub, Coherent: The companies are all scheduled to report quarterly results today after the closing bell.

CoreWeave jumped over 15% in premarket trading after the cloud-computing company posted its fifth straight quarter of record revenue, fueled by sustained AI demand.

Super Micro Computer jumped more than 7% premarket after the company reported a surging profit and sales nearly doubling in its fourth quarter.

Watch For:

U.S. CPI for July; EIA Weekly Petroleum Status Report; World Agricultural Supply and Demand Estimates (WASDE); Canada Building Permits for June; Cisco Systems 4Q earnings

Today's Top Headlines/Must Reads:

- Wealth Management Has a $3 Trillion Problem: Investors Are Keeping Too Much Cash

- Why Wall Street and Nvidia Are Building an Exotic Money Pipeline for the AI Boom

- Cracker Barrel's CEO Was Plotting a Turnaround-but Opened the Door to Her Own Exit

MARKET WRAPS Forex:

The dollar was flat. The greenback faces more volatility due to inflation data and the ongoing Middle East conflict, Commerzbank said.

The euro traded steady. The currency's scope to rise against the dollar looks limited even if inflation data are lower than expected, ING said. Bonds:

Treasury yields traded steady as investors awaited inflation data for clues on whether the Fed could raise interest rates.

Energy:

In midmorning European trading, Brent crude was up 0.6%, while WTI futures rose 0.6%.

Metals:

Gold prices rose as traders awaited the release of key inflation data.

"Traders are now focusing on today's U.S. CPI print to gauge whether the recent technical breakout above $4,200 has enough momentum to carry prices towards the next major hurdle, the 200-day moving average near $4,500," Saxo Bank said.

Copper

Copper prices were higher in early trade, supported by tightening supply fundamentals, analysts say. The copper-concentrate market remains characterized by tight ore supply and weak smelting economics, Dongwu Futures said.

Iron ore

Iron ore prices were higher in early trade, thanks to a break in oversupply. Iron ore shipment arrivals at Chinese ports are expected to be stable in the first half of August while steel mills' molten iron production has rebounded, Nanhua Futures said.

TODAY'S TOP HEADLINES

Norway Oil Fund Makes Record Profit, Buoyed by Asia Tech Stock Rally

Norway's sovereign-wealth fund posted a record first-half profit, buoyed by Asian technology-stock gains, as it swung back to positive returns in the second quarter after being hit by market volatility in the first.

Norges Bank Investment Management-the arm of the central bank that manages the world's largest sovereign-wealth fund, commonly known as the oil fund-said Wednesday that its investment portfolio returned 9.4% in the first half to make a profit of 1.753 trillion Norwegian kroner ($184.70 billion) before foreign-exchange effects. This compares with a profit of 698.47 billion kroner in the year-earlier period.

AI Spending Snuffs Out Tencent's Profit-Growth Run

Tencent Holdings' double-digit earnings growth streak since 2023 ended in the second quarter amid heavier investments in artificial intelligence.

The profit slowdown came as the Shenzhen-based company, China's largest by market capitalization, said it is more than doubling its AI spending this year, targeting both foundational models and AI agents for deep ecosystem integration.

Bank of America to Deploy $250 Billion to Bolster AI and Energy Infrastructure

Bank of America said it plans to inject $250 billion into an infrastructure push that aims to boost U.S. investments in data centers, energy and critical minerals, the latest big bank to roll out flashy initiatives to enhance national competitiveness.

The second-largest bank in the nation by assets said the initiative would involve lending and investing, as well as capital markets, banking and advisory work all to support a "new wave of infrastructure investment." It said the investments could create tens of thousands jobs along the way.

Foxconn's AI Hardware Sales Drive Profit Beat

Foxconn Technology Group reported another strong quarter as it boosted production of servers and other tech hardware for the global artificial-intelligence build-out.

The earnings beat shows how far Foxconn has come in becoming a critical supplier supporting the sector's rapid growth, as hyperscalers continue to invest heavily in AI infrastructure.

Red-Hot Power Stocks Are Losing Steam

Who are the winners of the AI power race?

For some time, it seemed as though owners of existing power plants-such as Vistra and Constellation Energy-were in a great spot. With demand growth outstripping new power supply, incumbent power plants could reap higher prices for their output without putting much capital at risk. But recent regulatory changes are muddying this bullish narrative.

Wealth Management Has a $3 Trillion Problem: Investors Are Keeping Too Much Cash

Since Don Ross retired as an airline pilot a decade ago, all the financial planners he has spoken with have wanted him to invest his cash. He isn't sold.

He is keeping 85% of his portfolio in stocks and the rest in a money-market fund yielding 3.62%. Ross looked at historical bear markets and determined they typically don't last longer than three years. He keeps enough of his portfolio in cash to comfortably get himself through that period, and he sells stocks when he needs to replenish his cash pile.

Hormuz Standoff Derails Oil Supply Recovery and Deepens Demand Slump, IEA Says

Global oil demand is set for a deeper contraction this year as renewed hostilities in the Middle East and disruptions at key shipping chokepoints derail the recovery in supplies, pushing up fuel prices and weighing on consumption, the International Energy Agency said.

The energy watchdog-a group of Western nations and their allies-now expects global oil consumption to fall by 1.6 million barrels a day in 2026, compared with its previous forecast for a 1-million-barrel-a-day decline. Demand is forecast to fall by 2.8 million barrels a day in the third quarter following a 4.9-million-barrel-a-day drop in the second quarter, before returning to growth in the final three months of the year.

U.S. Strikes on Yemen Last Year Killed and Wounded Hundreds, Pentagon Finds

A series of U.S. strikes on Yemen last year killed and wounded hundreds of civilians, according to an internal Pentagon assessment that was sent to Congress on Tuesday.

The report marks the first formal acknowledgment by the Trump administration of the scale of civilian casualties during its 2025 bombing campaign against Iran-backed Houthi rebels.

Rescue Teams in Colombia Dig Through Rubble to Pull Out Quake Victims

BOGOTA, Colombia-The number of people killed in Colombia's 7.4-magnitude earthquake rose to nearly 200, as rescue crews worked feverishly across several cities and towns in the country's west to locate and dig survivors out of the rubble.

"Amid so much pain, I want to express my solidarity with the victims and their families in their suffering," President Abelardo de la Espriella told journalists in the hard-hit city of Pereira. "A tragedy like this plunges all of Colombia into mourning."

U.S. Fires on Ship Breaking Its Blockade of Iran

U.S. forces fired on a Panama-flagged ship that attempted to run the American blockade of Iranian ports early Tuesday, the U.S. military said, stepping up enforcement as the Trump administration attempts to squeeze the regime economically.

A U.S. Navy MH-60 helicopter fired two Hellfire missiles into the engine room of the M/V Vela Nova after its crew ignored warnings from American personnel working to enforce the blockade of Iran's ports, the military said. The cargo ship was trying to cross the Gulf of Oman for an unspecified Iranian port, the military said

Write to priscila.barrera@wsj.com

TODAY IN CANADA Earnings:

Air Canada 2Q AutoCanada 2Q Bird Constr 2Q Boyd Grp 2Q CAE Inc. 1Q CCL Ind A 2Q CCL Ind B 2Q Chemtrade 2Q G Mining 2Q HLS Therap. 2Q Hydro One Ltd 2Q Linamar Corp 2Q Maple Leaf Fd 2Q Mattr Corp 2Q Metro Inc. 3Q NA Constr 2Q Northland Pwr 2Q Orezone Gold 2Q Pan Am Silv 2Q Pollard Bank 2Q Sagicor Fin A 2Q Stantec Inc 2Q W Forest Prod 2Q

Economic Indicators $(ET)$:

0830 Jun Building permits Stocks to Watch:

ACT Energy Technologies TSX Approves Renewal of Normal Course Issuer Bid

Air Canada Announces C$2.5 B Minority Equity Investment in Aeroplan Led by Blackstone and La Caisse; 2Q Adj EPS CAD 0.40; FactSet Est. CAD 0.15; 2Q Operating Margin Negative 3.4%; 2Q Adj EBITDA CAD 719M; 2Q Operating Loss CAD 215M; FY Outlook Adj EBITDA CAD 2.9B - 3.2B; 2Q Loss/Shr CAD 0.63; FactSet Est. CAD 0.14; 2Q Revenue CAD 6.3B; FactSet Est. CAD 6.17B; Air Canada FY Outlook Below Consensus; 2Q Adj EPS Beats Estimates; 2Q Loss/Shr C$0.63; 2Q Rev C$6.27B; 2Q Adj EPS C$0.40; 2Q Capacity Up 0.3%; 2Q CASM Up 24.3%; 2Q Adj CASM Up 7.4%; Reinstated and Updated Full-Yr 2026 Guidance, Including Adjusted EBITDA C$2.9B to C$3.2B

Andrew Peller 1Q EPS C$0.08

Bonterra Energy 2Q EPS 56c

BTB Real Estate 2Q EPS C$0.098; 2Q Adj EPS C$0.084

Cavvy Energy 2Q EPS C$0.05

Cipher Pharmaceuticals 2Q EPS 15c; 2Q Rev $12.1M

COSCIENS Biopharma 2Q Loss/Shr $0.19; 2Q Net Loss $0.2M; 2Q Revenue $3.1M; Reports 2Q Loss/Shr of $0.19

D-BOX Technologies 1Q Adj EBITDA CAD 4.26M; 1Q EPS CAD 0.012; 1Q Net Income CAD 2.94M; 1Q Royalty Revenues CAD 5M; 1Q Revenue CAD 13.4M; 1Q Adj EBITDA Margin 32%; 1Q Gross Profit CAD 7.92M; Reports 1Q EPS of CAD 0.012; 1Q Rev C$13.4M

Dream Unlimited 2Q Revenue CAD 75.6M; FactSet Est. CAD 82M (1 Est.); 2Q Revenue Misses Estimates

Dundee Corporation 2Q Net Loss CAD 28.1M; 2Q Loss/Shr CAD 0.31; Reports 2Q Loss/Shr of CAD 0.31; 2Q Loss/Shr C$0.31

Eupraxia Pharmaceuticals Anticipate Existing Cash Reserves Will Be Sufficient to Fund the Co Into 2H28; 2Q Loss C$14.5M

Exchange Income Corporation 2Q Net Income CAD 57M; 2Q Adj EBITDA CAD 226M; 2Q Revenue CAD 952M; FactSet Est. CAD 914.8M; 2Q Free Cash Flow CAD 161M; 2Q Adj Net Income CAD 64M; 2Q Revenue Beats Estimates; 2Q Rev C$952M

Firm Capital Property 2Q Rev C$15.9M; 2Q FFO C$0.121/Shr

Franco-Nevada Corp 2Q EPS $1.83; 2Q Net Income $354M; 2Q Revenue $580.9M; FactSet Est. $616.7M; 2Q Adj Net Income $349.2M; 2Q Adj EBITDA $529.7M; 2Q Revenue Misses Estimates; 2Q Rev $580.9M; 2Q EPS $1.83

Helios Fairfax Partners 2Q Book Value per Share $4.44; 2Q EPS $0.17; 2Q Net Income $18.6M; Reports 2Q EPS of $0.17; 2Q EPS 17c; 2Q Net $18.6M; 2Q Book Value Per Shr $4.44; 2Q EPS 23c

Hemlo Mining Corp. 2Q EPS 10c; 2Q Rev $142.5M

Integra Resources 2Q Net $12M; 2Q Rev $70.8M

Meren Energy 2Q Net Income $31.8M; 2Q Basic EPS $0.05; 2Q Operating Cash Flow $60.4M; FY Outlook EBITDAX $390M - 430M; 2Q EBITDAX $108.4M; Sees FY Outlook EBITDAX of $390M - 430M

Pason Systems 2Q Net Income CAD 13.6M; 2Q Free Cash Flow CAD 3.46M; 2Q Adj EBITDA CAD 35.7M; 2Q CAPEX CAD 17.1M; 2Q Revenue CAD 100.8M; 2Q Funds Flow from Operations CAD 33.5M; Reports 2Q Revenue of CAD 100.8 Million; 2Q EPS C$0.18

Peyto Exploration 2Q EPS CAD 0.51; FactSet Est. CAD 0.51 (1 Est.); 2Q FFO CAD 227.7M; 2Q Basic EPS CAD 0.52; Reports 2Q EPS of CAD 0.51, Compared With FactSet Consensus of CAD 0.51 (1 Est.)

Westport Fuel Systems 2Q Adj EBITDA Loss $6.27M; 2Q Net Loss $11.4M; 2Q Revenue $2.72M; FactSet Est. $2.23M; 2Q EBITDA Loss $10.8M; 2Q Revenue Beats Estimates; 2Q Loss/Shr 64c; 2Q Rev $27.1M

Expected Major Events for Wednesday 06:00/GER: Jul CPI

06:00/JPN: Jul Preliminary Machine Tool Orders

08:00/ITA: Jul CPI

08:00/FRA: Aug IEA Oil Market Report

11:00/US: 08/07 MBA Weekly Mortgage Applications Survey

12:30/CAN: Jun Building permits

12:30/US: Jul CPI

12:30/US: Jul Real Earnings

14:00/US: Jul Online Help Wanted Index

14:30/US: 08/07 EIA Weekly Petroleum Status Report

16:00/US: World Agricultural Supply & Demand Estimates (WASDE)

16:59/GER: Jun Balance of Payments

18:00/US: Jul Monthly Treasury Statement of Receipts and Outlays of the U.S. Government

23:01/UK: Jul RICS Residential Market Survey

23:50/JPN: Jul Corporate Goods Price Index

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Expected Earnings for Wednesday Air Canada (AC.T) is expected to report $0.14 for 2Q.

Altimmune $(ALT)$ is expected to report $-0.16 for 2Q.

Arbutus Biopharma Corp (ABUS) is expected to report $-0.02 for 2Q.

Beasley Broadcast Group Inc $(BBGI)$ is expected to report for 2Q.

BeyondSpring Inc $(BYSI)$ is expected to report $-0.67 for 2Q.

Bio-Techne Corp (TECH) is expected to report $0.40 for 4Q.

Boyd Group Services Inc (BYD.T) is expected to report for 2Q.

Brinker International Inc $(EAT)$ is expected to report $3.07 for 4Q.

CISO Global Inc (CISO) is expected to report for 2Q.

Creative Media & Community Trust Corp $(CMCT)$ is expected to report for 2Q.

Enterprise Group Inc (E.T) is expected to report for 2Q.

Galectin Therapeutics Inc (GALT) is expected to report for 2Q.

Global-E Online Ltd $(GLBE)$ is expected to report $0.21 for 2Q.

HLS Therapeutics Inc (HLS.T) is expected to report for 2Q.

Humacyte Inc $(HUMA)$ is expected to report $-0.10 for 2Q.

Hydro One Ltd (H.T) is expected to report $0.58 for 2Q.

Idaho Strategic Resources Inc (IDR) is expected to report for 2Q.

Instil Bio Inc (TIL) is expected to report for 2Q.

Kontoor Brands Inc (KTB) is expected to report $0.99 for 2Q.

Liquidia Corp $(LQDA)$ is expected to report $0.74 for 2Q.

LiveOne Inc (LVO) is expected to report for 1Q.

Local Bounti Corp (LOCL) is expected to report for 2Q.

Madison Square Garden Entertainment Corp (MSGE) is expected to report $-0.52 for 4Q.

Maple Leaf Foods Inc (MFI.T,MLFNF) is expected to report for 2Q.

MeiraGTx Holdings PLC $(MGTX)$ is expected to report $-0.35 for 2Q.

Metro Inc (MRU.T,MTRAF) is expected to report $1.25 for 3Q.

National Vision Holdings Inc (EYE) is expected to report $0.14 for 2Q.

Neonode Inc (NEON) is expected to report for 2Q.

Nexxen International Ltd (NEXN) is expected to report for 2Q.

Ovid Therapeutics Inc $(OVID)$ is expected to report $-0.13 for 2Q.

PDS Biotechnology Corp (PDSB) is expected to report for 2Q.

Performance Food Group Co (PFGC) is expected to report $1.27 for 4Q.

ProPhase Labs Inc $(PRPH)$ is expected to report for 2Q.

Professional Diversity Network Inc (IPDN) is expected to report for 2Q.

Reed's Inc (REEDD) is expected to report for 2Q.

Savara Inc (SVRA) is expected to report $-0.14 for 2Q.

Smith-Midland Corp $(SMID)$ is expected to report for 2Q.

Trimble Inc $(TRMB)$ is expected to report $0.45 for 2Q.

Vislink Technologies Inc (VISL) is expected to report for 2Q.

Yarrow Bioscience Inc $(YARW)$ is expected to report for 2Q.

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ANALYST RATINGS ACTIONS Abercrombie & Fitch Raised to Equal-Weight From Underweight by Barclays

Accendra Health Cut to Neutral From Buy by Citigroup

ACV Auctions Cut to Underweight From Equal-Weight by Barclays

agilon health Raised to Neutral From Sell by Citigroup

Allstate Cut to Sell From Neutral by Citigroup

Alpha Teknova Raised to Buy From Neutral by BTIG

AppLovin Cut to Neutral From Buy by B of A Securities

Arena Group Holdings Cut to Hold From Buy by Lake Street

Best Buy Raised to Buy From Hold by Truist Securities

Boeing Raised to Buy From Hold by Argus Research

Bowman Consulting Cut to Hold From Buy by Craig-Hallum

Centene Raised to Buy From Hold by Argus Research

Cherry Hill Mortgage Cut to Market Perform From Market Outperform by Citizens

Columbia Financial Raised to Overweight From Neutral by Piper Sandler

Compass Diversified Raised to Buy From Neutral by B. Riley Securities

Critical Metals Cut to Hold From Buy by Freedom Broker

Everpure Raised to Buy From Neutral by Citigroup

Evolent Health Raised to Buy From Neutral by Citigroup

Gap Inc Cut to Equal-Weight From Overweight by Barclays

Heron Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.

Jabil Raised to Buy From Neutral by UBS

MarineMax Cut to Hold From Buy by Benchmark

MarineMax Cut to Hold From Buy by Loop Capital

MarketAxess Cut to Market Perform From Outperform by Keefe, Bruyette & Woods

N-able Cut to Sector Perform From Outperform by RBC Capital

Root Cut to Hold From Buy by Jefferies

Sionna Therapeutics Cut to Neutral From Buy by BTIG

Sionna Therapeutics Cut to Neutral From Buy by Guggenheim

Sionna Therapeutics Cut to Neutral From Outperform by Wedbush

Tenax Therapeutics Cut to In-Line From Outperform by Evercore ISI Group

Tenax Therapeutics Cut to Neutral From Buy by Chardan Capital

TIC Solutions Raised to Buy From Neutral by UBS

Under Armour Cut to Underweight From Equal-Weight by Barclays

Varex Imaging Cut to Perform From Outperform by Oppenheimer

This article is a text version of a Wall Street Journal newsletter published earlier today.