U.S. stock market early trading: Nasdaq up 0.6%, storage chip stocks surge, SK Hynix up about 12%, IBM down about 23%

Storage chip stocks surged, with SanDisk up about 7%. Software stocks fell due to IBM's preliminary Q2 revenue missing expectations, with Microsoft down about 3%. The optical communications sector broadly rose, with Marvell Technology up about 5%. Goldman Sachs climbed around 4%—the company posted record Q2 revenue, with stock trading income setting new Wall Street records for three consecutive quarters, and the SpaceX IPO driving a 130% surge in stock underwriting income. Data shows that U.S. inflation has cooled across the board; June CPI rose 3.5% year-over-year, well below expectations, with the month-on-month figure declining for the first time in six years while core CPI growth narrowed to 2.6%.