US EQUITY OPEN: Indices in the green after in-line CPI

OPEN: US indices opened with gains as Technology resides as the sectoral outperformer. Overall, they are mixed with Consumer Discretionary and Staples lagging. The key highlight in trade so far has been the US CPI report, which was as expected across the board; two-way action was seen on the in-line metrics, with Fed pricing little changed for September with a hike still seen as a flip of the coin. Elsewhere, the Dollar is mixed vs. peers, as the Aussie and Yen are firmer, although the Swissy is losing out. Post-metrics, the Dollar Index printed a fresh daily low. Treasuries are firmer across the curve ahead of the 10yr auction, while precious metals sit in the green. The crude complex has been choppy but currently sits with losses. Although, the most recent pertinent update was an Iranian source suggesting there are no current talks on extending US-Iran ceasefire. Aside from the aforementioned auction, the calendar is light with weekly EIA's and earnings from CSCO after-hours the highlights.

• CoreWeave (CRWV): EPS & rev. beat, raised FY outlook, supported by accelerating AI infrastructure demand, a growing backlog & strong pricing for newer NVDA systems
• Super Micro Computer (SMCI): Profit beat w/ stellar guidance
• Lumentum (LITE): Strong Q metrics alongside strong next Q outlook.
• H&R Block (HRB): Q beat & FY outlook topped forecasts, as well as raising dividend.
• Oracle (ORCL): Plans further job cuts this month, potentially reaching double-digit percentages on some team.
• Nebius (NBIS): Q2 metrics largely impressed
• Aehr Test Systems (AEHR): Received a USD 22mln follow-on production order from its lead wafer-level AI processor customer.
• Gap (GAP): Downgraded at Jefferies

An in-line CPI print has historically been a low-information event: with no surprise to arbitrage, the pattern in comparable sessions is two-way initial action that fades, leaving policy pricing and the curve close to pre-release levels. The transmission on days like this runs through positioning rather than fundamentals, with the front end anchored and equity leadership determined by the pre-existing sector narrative, here technology and AI-linked hardware earnings rather than the macro data. What has tended to matter more in this setup is the supply calendar: a coupon auction hours after an in-line print is the more realistic catalyst for a rate move, and the usual sequence is a sideways drift in Treasuries into the stop with direction set by the tail. The divergence within the dollar, funding and safe-haven currencies softer against growth-sensitive peers, is the established signature of a risk-positive session with no policy repricing. Worth noting is that a hiking bias still priced as a coin flip is an unusual posture that makes each subsequent inflation print more consequential than it would be in a stable easing regime. The after-hours earnings and weekly inventory data are the remaining scheduled risk, with the geopolitical headline risk on crude unquantifiable in the interim.