US Stock Market Outlook: CPI Impact Minimal, Futures Rise Ahead of Key Earnings

Pre-Market Trends and Notable Stock Movements

On Wednesday morning, major futures continued to rise, with Dow futures up 0.23%, Nasdaq futures up 0.47%, and S&P 500 futures up 0.37%.

Tech Stocks Performance

Star tech stocks saw a broad increase in pre-market trading, with Micron Technology (MU) rising nearly 3%, and Amazon (AMZN), AMD, and Oracle (ORCL) each gaining over 1%.

Chinese Stocks and Cannabis Sector

Most popular Chinese stocks also experienced gains, with Baidu (BIDU) and Pony.ai (PONY) up over 2%, and Alibaba (BABA) rising more than 1%. The cannabis sector saw a resurgence, with cbdMD (YCBD) soaring nearly 43%, Canopy Growth (CGC) up over 7%, and Tilray Brands (TLRY) increasing nearly 2%. Reports suggest that President Trump may sign an executive order this week to ease cannabis classification regulations.

Oil and AI Investments

Oil stocks were generally up, with BP, Shell (SHEL), and Cenovus Energy (CVE) rising over 2%. Amazon is reportedly planning to invest at least $10 billion in OpenAI, which has led to a pre-market increase of over 1% for Amazon.

Micron Technology Earnings Expectations

Micron Technology is set to report its Q1 FY2026 earnings soon, with expectations of $12.801 billion in revenue, a 47% year-over-year increase. Analysts have placed Micron on their list of top semiconductor investments for 2026, despite a 173% rise in stock price this year.

Apple’s Expansion in India

Apple (AAPL) is reportedly in talks with Indian chip manufacturers to package iPhone chips in India, marking a significant shift in its operational strategy in the country.

Hut 8 and AI Infrastructure

Cryptocurrency miner Hut 8 (HUT) surged over 21% after announcing a partnership with Anthropic and FluidStack to develop AI infrastructure.

Major IPO: Medline

Medline (MDLN) is set to launch on NASDAQ, raising $6.26 billion, marking the largest IPO in the U.S. this year.

Warner Bros Discovery Rejects Paramount Offer

Warner Bros Discovery (WBD) board rejected a hostile takeover bid from Paramount, citing insufficient financing assurances.

SpaceX's IPO Plans

SpaceX has entered a "quiet period" ahead of its planned IPO in 2026, aiming for a valuation of approximately $1.5 trillion.

Market Sentiment Ahead of CPI Report

Traders are showing less concern ahead of the upcoming CPI report, with expectations for the S&P 500 index volatility significantly lower than previous months.

Geopolitical Tensions Affecting Oil Prices

Oil prices surged as reports emerged of potential new sanctions against Russia, with Brent crude rising above $60 per barrel.

Conclusion

Overall, the pre-market trading session reflects a positive sentiment across various sectors, particularly in technology and cannabis, while geopolitical developments continue to influence oil prices.