Futures tied to the S&P 500 and Nasdaq 100 moved higher early Wednesday as investors come off a record-setting session that saw encouraging news on the inflation front. S&P futures climbed 0.3% along with Nasdaq 100 futures. Dow Jones Industrial Average futures gained 158 points, or 0.4%. The major U.S. indexes are coming off of a strong trading session, which saw the S&P 500 and tech-heavy Nasdaq Composite close at fresh record highs. The S&P 500 added 1.1% to settle at 6,445.76, while the Nasdaq ended 1.4% higher at 21,681.90. The Dow Jones Industrial Average added about 483 points, or 1.1%, to close at 44,458.61. The Russell 2000 Index jumped nearly 3% during the session as small-cap stocks are generally considered a beneficiary of lower short-term borrowing rates. Stocks rose Tuesday as inflation data was tamer than expected, soothing investor fears that tariffs are not spiking prices. Traders are now pricing in a nearly 94% chance of a rate cut at the Federal Reserve’s September meeting, per trading data from the CME’s FedWatch Tool. Thursday’s producer price index report on wholesale inflation will add another piece of the economic picture. The report comes ahead of the Fed’s Jackson Hole meeting on Aug. 21-23, which could also help shape expectations for the central bank’s next policy move. Not all investors came away convinced by Tuesday’s strong moves. 3Fourteen Research co-founder Warren Pies said the moves in small-cap names may not be what they seem in this late-cycle environment. “We’ve had some seasonal buying in the beginning of August, and I think people are starting to jump the gun and misinterpret that as this summer melt-up that every wants to believe in,” Pies said on CNBC’s “Closing Bell.” “I think there is some concerns in my mind about the labor market and the growth story and the market’s kind of glossing over them.” Cava shares plunged 24% after the Mediterranean restaurant chain reported disappointing second-quarter revenue growth and lowered its same-store sales forecast for the full year. CoreWeave shares dropped about 8% as the artificial intelligence infrastructure provider delivered a mixed quarter, despite robust revenue gains. U.S. Treasury yields were lower on Wednesday as investors digested the latest inflation data and considered the impact of tariffs on the U.S. economy. The 10-year Treasury yield was down 4 basis points to 4.254%, while the 2-year Treasury yield was over 2 basis points lower at 3.71%. The 30-year Treasury bond yield lost 4 basis points to 4.842%. Asia-Pacific markets closed mostly higher. Japan’s benchmark Nikkei 225 added 1.3% to close at a record high of 43,274.67, while the Topix added 0.83% to end the trading day at 3,091.91. South Korea’s Kospi added 1.08% to 3,224.37, and the small-cap Kosdaq advanced 0.86% to 814.1. Mainland China’s CSI 300 ended 0.79% higher at 4,176.58. Australia’s S&P/ASX 200 closed 0.6% lower at 8,827.1. Oil prices fell on Wednesday after the IEA noted supply overtaking demand this year, while investors awaited Friday’s meeting between U.S. President Donald Trump and Russian President Vladimir Putin. Brent crude futures fell 45 cents, or 0.7%, to $65.67 a barrel, while U.S. West Texas Intermediate crude futures edged down 53 cents, or 0.8% at $62.64. Both contracts settled lower on Tuesday. Gold rose on Wednesday as expectations of a U.S. Federal Reserve interest rate cut in September gained traction following mild inflation data, while a weaker dollar bolstered bullion’s demand. Spot gold gained 0.3% to $3,354.77 per ounce. U.S. gold futures for December delivery inched up 0.1% at $3,403.20. “Market participants are starting to debate if the Fed will do a 50 basis point cut at its September meeting following the comments from U.S. Treasury Secretary Bessent yesterday, with a focus on incoming weaker U.S. economic data supporting that,” said UBS commodity analyst Giovanni Staunovo.