Oracle Surge Propels S&P 500 Futures to Record High Amid Inflation Watch
S&P 500 futures hit a record high, buoyed by Oracle's surge following predictions of significant revenue growth in its cloud sector. Investors await producer prices data to assess inflation and potential Federal Reserve rate cuts. Key industry players, including chipmakers and power suppliers, also experienced stock increases.
S&P 500 futures reached an unprecedented peak on Wednesday, guided by Oracle's exceptional performance. Oracle rose by nearly 29% in premarket trading after projecting over half a trillion dollars in future cloud infrastructure revenue, driven by escalating demand for its cost-effective services.
Other companies in related sectors also saw gains: Nvidia climbed by 2%, Advanced Micro Devices advanced 3.3%, and Broadcom gained 2.2%. Companies powering data centers, like Constellation Energy and Vistra, also saw stock increases amidst anticipation of the day's U.S. producer prices report.
Additionally, a federal judge halted the removal of Federal Reserve Governor Lisa Cook, while trade bets leaned towards a Federal Reserve rate cut after recent labor data indicated a slowing job market. As the market watched forthcoming data, Wall Street maintained a positive trajectory, reclaiming high ground despite historical September downturns.
(With inputs from agencies.)
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