U.S. stock index futures rose Wednesday ahead of key July inflation data release. Economists expect inflation to have edged lower to 3.4% in July from 3.5% in June, which could relieve pressure on the Federal Reserve to raise interest rates. Shares of cloud computing company CoreWeave surged more than 18% and Super Micro Computer stock jumped nearly 9% before the market opened on strong quarterly results. Oil prices were essentially flat Wednesday but sharply higher this week, with the Strait of Hormuz, through which a fifth of global oil supply runs, effectively shut down as fighting in Iran continues.
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