5 things to know before the market opens Wednesday

July’s consumer price index is due out this morning. If the monthly reading comes in modestly, it could give the Federal Reserve justification to not hike interest rates in the near term.

Here’s what to know:

Yesterday brought another big night for primary elections. In the Democratic Party, progressives and moderates faced off in contests in Wisconsin and Minnesota.

As CNBC’s Davis Giangiulio reports, a major question facing states this election season is whether betting on elections through prediction markets is legal. Nearly two dozen states have laws that bar betting on elections, but many aren’t sure if its statutes include trades made on event contracts.

This comes along with a broader fight between states and the federal government over whether prediction market platforms are considered forms of gambling. While that tiff has historically been tied to sports-related contracts, legal experts said that the question around elections could raise new arguments over states’ rights to regulation.

CoreWeave‘s second-quarter revenue came in ahead of Wall Street’s consensus and more than doubled from a year prior. Investors sent the stock up 14% in extended trading.

The artificial intelligence cloud provider announced business dealing with Anthropic and Meta during the quarter. While it’s competing with megacap technology giants to open data centers, it isn’t profitable like these other firms.

CoreWeave CEO Michael Intrator will join CNBC’s “Squawk on the Street” at 9 a.m. ET. Watch live on CNBC or CNBC+.

Computing power seems to be the new tradable asset class. As CNBC’s Yun Li reports, CME Group is set to launch the first futures contracts tied to the cost of running AI chips.

CME is working with Silicon Data to roll out two compute futures contracts in early October, as long as regulatory approval comes through. It would allow investors to trade AI computing capacity similar to how they do with commodities such as oil.

That follows Nvidia‘s Monday announcement of deals to provide financing for customers. Despite gaining in early trading yesterday, Nvidia shares ended the session marginally in the red.

Homebuyers hoping to see prices come down might need to take a beat. Invitation Homes CEO Dallas Tanner said yesterday that the housing bill that went into effect last month could lead to less pricing pressure — but it likely won’t be immediate.

Tanner told CNBC’s Diana Olick that the bill should “definitely” lead to lower costs in the medium or long terms. However, the executive of the U.S.’ largest single-family rental landlord said it’s “a bit trickier” when looking at the potential for an overnight decrease.

Specifically, Tanner listed mortgage rate volatility and high construction costs as factors that could slow the pace of change. He said 90% of the bill is centered on deregulation and simplifying the process for capital entering the sector.

Credit card debt rose near records in the second quarter, according to a report from the New York Fed released yesterday. Here are the big numbers:

• Collective balances: $1.26 trillion
• Quarter-over-quarter increase: 1.7%

— CNBC’s Jeff Cox, Ananya Chetia, Sean Conlon, Garrett Downs, Davis Giangiulio, Jordan Novet, Yun Li, Diana Olick and Jessica Dicker contributed to this report.

Zoe Pierce edited this edition.