NASDAQ surges, led by semiconductor stocks, as investors await CPI announcement

NVIDIA rebounds after initial drop on '15% export tax payment'

Micron, Intel, and others rise by around 5%

On the 11th (local time), ahead of the July consumer price index release and corporate earnings, the U.S. stock market opened mixed.

As of 10:10 AM Eastern Time, the S&P 500 stood at 6,391.38 points, fluctuating at roughly the same level as the previous session. The tech-heavy NASDAQ was down 0.2%. The Dow Jones Industrial Average slipped by 0.1%.

The 10-year U.S. Treasury yield remained at 4.283%, the same as the previous session, while the 2-year note edged up by 1 basis point (1bp=0.01%) to 3.77%.

Semiconductor stocks were on the rise.

NVIDIA, ranked first by market capitalization, and AMD opened lower following reports that they would pay the U.S. government 15% of profits on AI chip exports to China, but both reversed course and moved higher.

Micron Technology saw its share price surge 4.7% as it raised its sales and adjusted EPS guidance on favorable AI-related high-bandwidth memory chip (HBM) demand and an anticipated 'price increase.' Micron revised its revenue forecast from the previous $10.7 billion (₩14.9 trillion) to $11.2 billion (₩15.6 trillion), and adjusted EPS from $2.50 to $2.85.

Intel's stock nearly rose 5% on expectations that CEO Pat Gelsinger's visit to President Trump would address concerns over alleged ties to China, after Trump had demanded his resignation.

Tesla advanced 3.4% to $341 amid news it has filed for regulatory approval to enter the UK's household and business electricity markets.

Paramount Skydance announced it had acquired exclusive UFC broadcasting rights from TKP Group for the next seven years in a deal worth $7.7 billion, prompting a nearly 11% drop in its share price. AI software firm C3.ai plunged nearly 30% on weak earnings and outlook.

This week's inflation data could pose the biggest headwind to the U.S. stock market's broader attempt at all-time highs. The Consumer Price Index (CPI) on the 12th and Producer Price Index (PPI) on the 14th will be key to deciphering the Federal Reserve’s direction ahead of the September meeting.

U.S. economists predicted that if core inflation deviates from the typical 0.2% monthly gain, the stock market uptrend could slow.

A Bloomberg survey of economists projected the core CPI to rise by 0.3% in July. Up through June, core CPI had largely risen just 0.2% monthly. This reflects retailers gradually starting to pass on import tariffs to consumer prices.

Jay Woods, Chief Global Strategist at Freedom Capital Markets, added, "The Consumer Price Index (CPI) will certainly impact monetary policy." In August, instead of a Federal Open Market Committee (FOMC) decision, the Jackson Hole Economic Symposium will take place in Wyoming from August 21 to 23.

Guest reporter: Kim Jung-ah kja@hankyung.com