US Inflation in July Remains Moderate! US Stocks Open Higher: NASDAQ Rises 0.9%, Optical Communication and Memory Chip Stocks Rally

The Dow Jones Industrial Average rose 0.3%, and the S&P 500 Index gained 0.5%. CoreWeave jumped approximately 21% as its Q2 revenue doubled, exceeding expectations, with backlog orders reaching $104 billion.

Super Micro Computer rose about 9%, driven by sustained heat in AI infrastructure demand. Sales nearly doubled last quarter, and guidance for the current quarter and new fiscal year significantly exceeded expectations.

Optical communication stocks rallied broadly. Lumentum climbed around 11% amid strong demand for AI optical communications. Its revenue doubled last quarter, and current quarter guidance further beat expectations, although debt restructuring led to a massive loss of over $7 billion.

Nebius surged approximately 15% as the company's second-quarter revenue exceeded expectations.

Memory chip stocks rose across the board, with SK Hynix gaining about 6%.

Data showed that basic inflation in the US remained moderate in July, potentially easing pressure on the Federal Reserve to hike interest rates. US core CPI grew 2.5% year-on-year in July, matching the lowest growth rate since March 2021 and aligning with expectations, compared to the previous value of 2.6%.