S&P500 and Nasdaq 100: US Stocks Eye Key CPI Report, Tech Sector in Focus

S&P 500 Futures Edge Higher as Traders Brace for CPI and PPI Data

U.S. stock futures were slightly higher on Monday, with the S&P 500 E-mini holding near recent highs ahead of critical inflation readings this week.

As of the latest session, futures traded near 6,421, just below the 6,468.50 record from late July. The Dow added 0.3%, S&P 500 futures gained 0.1%, and Nasdaq-100 futures hovered flat.

Gains were limited by pressure in semiconductor stocks after reports that Nvidia and AMD agreed to remit 15% of China chip revenues to the U.S. in exchange for export licenses.

Will CPI Data Keep the Fed on Hold?

The Consumer Price Index on Tuesday and the Producer Price Index on Thursday will be key catalysts, with traders eyeing the Fed’s September decision. A stronger-than-expected CPI could weigh on risk appetite and push yields higher, potentially stalling the rally.

Jay Woods of Freedom Capital Markets noted the market could be entering a digestion phase, with sideways trade likely as valuations remain stretched and seasonal weakness sets in.

Tech Sector Under the Microscope with Nvidia and AMD in Focus

Nvidia shares dipped around 1% premarket, while AMD fell 2% following the Financial Times report on their China chip arrangement. The move follows a Nasdaq Composite close at new highs last week, aided by a rebound in Apple. Still, tech’s leadership will be tested as traders assess whether chip-related headwinds spill into broader sentiment.

C3.ai Drops Sharply on Weak Outlook

C3.ai plunged nearly 30% premarket after forecasting Q1 revenue between $70.2 million and $70.4 million and a non-GAAP loss near $58 million. The disappointing guidance reinforces concerns about stretched AI valuations, which have been a driver of this year’s gains in growth stocks.

Ethereum-Linked Stocks Rally on Crypto Momentum

Crypto-related equities were stronger as ether broke above $4,000 for the first time since December 2021. Bitmine Immersion Technologies and SharpLink Gaming each rose 8% premarket, fueled by rising institutional interest and strong ETF inflows.

Market Outlook

The S&P 500 E-mini is testing resistance near 6,426.75, with support at 6,381.00 and 6,354.00. A sustained breakout above 6,468.50 could target new highs, but CPI and PPI readings will dictate momentum.

If inflation cools, expectations for a Fed pause in September could strengthen, supporting risk assets. However, any upside surprise may prompt profit-taking, especially with valuations at elevated levels and seasonal weakness in play.

More Information in our Economic Calendar.