Fed Official Musalem: US Economy Shows Resilience in Recent Months
On August 7, Federal Reserve official Musalem stated that the US economy has shown resilience in recent months, and that pursuing looser policies for higher GDP is a mistake. He also noted that future productivity growth from AI carries a high degree of uncertainty, with risks leaning towards high inflation.
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AI trading rebounds; storage chip and optical communication stocks rise broadly in U.S. pre-market, CoreWeave surges 17%, oil prices stabilize.
Before the US stock market opened, CoreWeave rose about 17% as its Q3 revenue exceeded expectations and the company raised its annual revenue guidance. Storage chip stocks generally increased, with SK Hynix up about 7% and SanDisk up about 7%. Optical communication stocks also rose, with Coherent up about 9%, Credo up about 8%, and Lumentum up about 8%. Futures for all three major US stock indexes were up: Nasdaq 100 index futures rose 1.6%, S&P 500 index futures rose 0.7%, and Dow Jones index futures rose 0.2%.
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