Oracle shares retreated after a record AI-driven surge in the previous session that put the company closer to the trillion-dollar mark and co-founder Larry Ellison within striking distance of the world’s richest person title.
The U.S. dollar slipped after modestly hotter August inflation data and weaker-than-expected initial jobless claims reinforced the view that the Federal Reserve will resume cutting interest rates next week.
Wall Street’s main indexes rose, hitting record highs, lifted by gains in Tesla and Micron Technology, after U.S. inflation and jobless data fed market expectations that the Federal Reserve will cut interest rates this month.
The S&P 500 and the Nasdaq hit intraday record highs, lifted by a surge in Oracle, while cooler-than-expected inflation data supported expectations the U.S. Federal Reserve will cut interest rates next week.
Bitcoin surged above $114,000 for the first time since August 24, extending its recent recovery as US inflation data came in far cooler than expected. The move follows the release of the August Producer Price Index , which dropped to 2.6% year-over-year
Oil prices rose nearly 2% in response to an Israeli attack in Qatar, Poland’s downing of drones in its airspace and a push by the U.S. for new sanctions on buyers of Russian oil, although concerns about excess crude supply capped gains.
