US Stock Market Today: S&P 500, Nasdaq Hit Record On Fresh Inflation Data; Oracle Stock Zooms
The S&P 500 rose over 0.43%, the tech-heavy Nasdaq Composite was up 0.44%, and Dow Jones was trading 0.2% lower in the early minutes of trade.
S&P 500 and Nasdaq Composite rose to hit new record highs on Wednesday as wholesale prices declined unexpectedly, which further supports the case for a rate cut by the US Federal Reserve.
Investors now await consumer inflation data on Thursday, which could have a major implication on the decision to be taken by the Fed in its next meeting.
Oracle was among the early gainers, with its shares rising by a massive 35%, pulling Nasdaq to new records after reports that multi-cloud database revenue from Amazon, Google and Microsoft rose 1,529% in the last quarter due to demand for AI servers.
The S&P 500 rose over 0.43%, the tech-heavy Nasdaq Composite was up 0.44%, and Dow Jones was trading 0.2% lower in the early minutes of trade.
The latest producer price index fell 0.1% in August, a report by the Bureau of Labor Statistics showed. Excluding food, energy and trade, PPI posted a 0.3% gain.
“After last week’s jobs report, though, the market was already expecting the Fed to begin an easing cycle, so it remains to be seen how much of a near-term impact this will have on sentiment,” Chris Larkin at E*Trade from Morgan Stanley, told Bloomberg.
In the early minutes of trading, six of the 11 sectoral indices were trading in the green. Information technology and energy sector were leading the gains, while consumer discretionary and communication services were in the red.
Oracle shares were up over 35%, in addition Vistra Corp., Nvidia Corp. and Nike Inc. were among the other gainers for the day. On the other hand, Amazon.com Inc., Apple Inc., McDonald's Corp. and Walt Disney Co. were among the losers.
As the US market opened, spot gold rose 0.6% to $3,648.15 an ounce. Crude oil prices rose, with West Texas trading 0.7% higher at $63.07 per barrel.
The Bloomberg Dollar Index was little changed, with the British Pound rising 0.1% to $1.3544 and the Japanese yen stable at 147.30 per dollar.
Bitcoin, the largest traded cryptocurrency, rose 1.8% to $113,567.79.
