S&P, Nasdaq Hit New Highs After Soft PPI; Oracle Surges
The S&P 500 rose 0.4% and the Nasdaq went up 0.3% to hit fresh record highs on Wednesday while the Dow Jones hovered near the flatline, after a softer-than-expected PPI report reinforced bets that the Fed has room to cut interest rates next week and later this year.
Producer prices unexpectedly fell 0.1% in August, while July’s increase was revised lower. Annual rates also slowed sharply, suggesting tariff-related price pressures have yet to fully materialize, giving the Fed further scope to ease policy at a time when the labor market is showing signs of a significant slowdown. Traders now await the CPI report due tomorrow.
The tech sector was by far the top performer, with Oracle shares surging nearly 35% to an all-time high of $317.40 after the company issued an aggressive outlook for its cloud business. Nvidia (3.7%) and Broadcom (6%) were also sharply higher. In contrast, Apple slipped 1.6% as the launch of the new iPhone 17 underwhelmed investors.
Source : Trading Economics
