Pre-Market Report – Wednesday 13 August: US markets rise on CPI | CBA results

Wall Street recorded a positive session with the S&P500 and the Nasdaq closing at new record highs as inflation came in broadly as expected with CPI rising 0.2% on a monthly basis in July.  S&P 500 up 1.1%, Nasdaq up 1.4%. Dow rose at the open following the inflation news, and remained steady at that level for the rest of the session. Closed near high, up 484 points. Broad sector performance. Financials best performer on rate cut expectations. Tech followed closely behind. Materials and Industrials also did well as the inflation figure somewhat eased concerns about the US economy.

In corporate news, Alphabet rose 1.2% as AI company Perplexity made a $34.5Bn cash offer to buy Chrome. Intel also rose 5.6% after CEO met Trump, only after Trump demanded his resignation last week, this time describing the meeting as “very interesting” while praising the CEO Lip-Bu Tan. Nvidia rose less than other big Tech names, gaining 0.6%, as China warned caution to its tech firms over purchases from the chipmaker.

Resources mainly up. Oil fell as markets await the EIA’s inventory report. Copper, aluminium and zinc all rose over 1.0%.

ASX to rise. SPI futures up 19 points (+0.21%). CBA IAG TWE EVN Results.

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