Pre-Market | August CPI Data Reinforces Fed Rate Cut Expectations, Tech Stocks Surge

12 Sep., U.S. August CPI data released today aligned with expectations, indicating stable inflation and no signs of deterioration. This has reinforced forecasts for three Federal Reserve rate cuts of 25 basis points each this year. Meanwhile, in pre-market trading, DOW FUTURES are down 0.19%, NASDAQ FUTURES are up 0.12%, and S&P FUTURES are down 0.04%.

In pre-market trading, Micron Technology saw a notable rise of 3.89%, driven by Citi's decision to raise its price target due to strong AI-driven memory chip demand. Adobe also experienced a significant increase, rising 2.98% in pre-market trading. Meanwhile, Novartis dropped 2.52% and Banco Santander fell 1.79% in pre-market trading.

In pre-market trading, HCW Biologics surged over 68%, driven by positive results from its clinical trials. Huize Holding climbed nearly 35%, while Rent the Runway fell over 24%. Next Technology plummeted over 52% due to a disappointing quarterly earnings report.

Morgan Stanley projected the Federal Reserve will cut interest rates three times in 2026, totaling 75 basis points. Google Cloud secured a £400 million contract to provide sovereign cloud services to the UK Ministry of Defense, supporting AI and cybersecurity tools. Apple's iPhone Air launch in China is delayed due to regulatory requirements for eSIM technology, with major Chinese carriers preparing to offer support pending approvals. OpenAI and Nvidia announced a multi-billion pound collaboration for a UK data center project.