S&P 500 Futures Soar to New Heights on Oracle's Cloud Surge
S&P 500 futures hit a record high due to Oracle's surge, which experienced a 31.7% premarket increase. The company's cloud infrastructure expected revenue to exceed half a trillion dollars, boosting Nvidia, AMD, and Broadcom stocks. Investors focus on U.S. producer and consumer prices data to gauge inflation impact.
Futures linked to the S&P 500 reached unprecedented levels on Wednesday, largely driven by Oracle's significant rise in the cloud computing sector. Investors are eagerly awaiting the forthcoming producer prices data, which could provide vital insights into U.S. inflation.
Oracle witnessed a staggering 31.7% increase in premarket trading after forecasting substantial growth for its cloud infrastructure services. This optimistic projection also lifted shares of chipmakers like Nvidia, which rose 2.2%, as well as Advanced Micro Devices and Broadcom, which gained 3.6% and 2.2%, respectively.
With U.S. President Donald Trump's tariffs influencing inflation, forthcoming market reports, including the August consumer price index, are pivotal for determining potential interest rate cuts by the Federal Reserve. Meanwhile, the market absorbs temporary legal developments affecting Fed personnel, alongside rising optimism post-payroll adjustments. Barclays has revised the target for S&P 500, reflecting a buoyant U.S. market outlook.
(With inputs from agencies.)
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