Oracle's AI Surge Lifts Markets Amid Global Tensions
The S&P 500 closed higher as Oracle's strong AI-driven outlook sparked optimism, despite global tensions affecting markets. Oracle's shares soared 13.3%, propelling tech stocks like Microsoft and Nvidia. Meanwhile, Middle East tensions and a Boeing crash impacted other sectors. Investors are hopeful for incoming U.S. trade agreements.
The S&P 500 finished on a high note Thursday, buoyed by Oracle's impressive performance fueled by its optimistic AI-related services forecast. This optimism in artificial intelligence mitigated concerns over Middle Eastern tensions and a significant drop in Boeing shares.
Oracle saw a remarkable 13.3% increase, hitting record highs as it adjusted its annual revenue growth predictions upward. The surge reflected robust demand for AI services, benefiting fellow tech giants Microsoft, Nvidia, and Broadcom, each witnessing over a 1% gain.
Boeing shares fell sharply nearly 5% following a tragic crash of an Air India jet in Ahmedabad, prompting global market apprehensions. Concurrently, heightened tensions between the U.S. and Iran added to market volatility, despite broader expectations of U.S. trade agreements offering some relief.
(With inputs from agencies.)
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