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Wall Street ticks toward more records as inflation slows and Oracle soars
Oracle's stock surged 34.8% after reporting AI-driven revenue growth of 1,529% from major cloud partners, fueling optimism for rapid expansion in AI infrastructure services.
- On Wednesday, futures tied to the S&P 500 touched a record high as investors awaited Producer Price Index data, with Oracle Corp.'s rally boosting AI-related stock momentum.
- Traders priced in an at least 25-bps cut at the Federal Reserve meeting, with bets on a 25-basis-point cut standing at 90% after a downward payrolls revision and softer wholesale inflation.
- Oracle reported a 1,529% revenue surge from Amazon, Google, and Microsoft channels, with CEO Safra Catz noting four multi-billion dollar contracts, boosting shares 34.8%.
- The market responded with the S&P 500 rising 0.5% and the 10-year Treasury yield easing to 4.05% as AI infrastructure suppliers and chipmakers boosted the rally.
- With key inflation reads due Thursday, traders will watch the Producer Price Index first and then the Consumer Price Index on Thursday for confirmation that disinflation is intact, while money markets project further quarter-point cuts this year.
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World shares are mostly up after US stocks inch to more records as inflation slows and Oracle soars
World shares are mostly higher, buoyed by gains of tech-related stocks after Wall Street inched to more records following a surprisingly encouraging report on inflation and a stunning forecast for growth from Oracle because of the AI boom. Shares of…
US Stocks Set to Push Higher as Oracle Soars: Markets Wrap
(Bloomberg) -- US stocks are set to notch fresh highs as Oracle Corp. surges on a blowout outlook and traders bet that a pair of inflation reports won’t deter the Federal Reserve from cutting interest rates.
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Coverage Details
Total News Sources50
Leaning Left11Leaning Right3Center21Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 31%
C 60%
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