On October 10, 2023, the S&P 500 Index rose by 0.45%, while the Dow Jones Industrial Average increased by 0.13% and the Nasdaq 100 Index was up 1.00%. This uptick followed strong earnings reports from CoreWeave and Super Micro, contributing to market optimism, particularly in AI and chip sectors.
In a pivotal economic update, the July CPI report indicated a slight easing to 3.4% year-on-year, down from 3.5% in June, with core CPI also declining to 2.5%. These figures align with expectations and have led to a reduced probability of a 25 basis point rate hike at the upcoming FOMC meeting, now assessed at 39%, down from 51% on Tuesday.
CoreWeave’s revenue guidance for Q3 was between $3.45-$3.60 billion, and Super Micro’s positive quarterly forecast drove shares up by 18% and 16%, respectively. Meanwhile, 85% of S&P 500 companies that reported earnings for Q2 exceeded estimates, with AI spending projected to drive significant earnings growth.
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