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Equity Alert: S&P 500, Nasdaq at record highs on weak inflation; Oracle gains

MUMBAI--0743 IST--The S&P 500 and Nasdaq Composite closed at record highs Wednesday after a surge in shares of technology major Oracle. However, all three benchmark indices pared early gains and ended mixed. A lower-than-expected producer price index print drove expectations of the US Federal Reserve cutting interest rates next week.

The S&P 500 and Nasdaq Composite notched record closes for the second straight day. Chipmakers and artificial intelligence-related stocks were among the biggest gainers on the day after Oracle surged 36% on optimism around demand for its AI-related servers. The stock saw its highest singe-day gain since 1992 and gained $244 billion in market capitalisation during the session, according to CNBC.

The Dow Jones Industrial Average fell 0.5%, weighed down by a decline in Apple's shares, which fell 3?ter the company's latest iPhone announcement failed to excite investors. The company is also viewed as a laggard in the AI race.

Producer prices in the US fell 0.1% in August, against Dow Jones estimate of a 0.3% rise, data from the Bureau of Labor Statistics showed. This comes after after a downwardly revised 0.7% rise the month before. Coupled with weak US labour market data released earlier in the month, the inflation print supports the case for a rate cut by the Fed. The CME Fedwatch data shows an 8% probability for a 50-bps Fed rate cut, up from 7?ay ago. Market participants await US consumer prices data due on Thursday for further cues on rate cuts.

Among other stocks, shares of Synopsys fell 36?ter the chip design software provider missed estimates for its quarterly revenue. Its rival Cadence Design Systems fell over 6%.

Following are the closing levels of US indices Wednesday:

(Eshitva Prakash)

US$1 = 88.10

End

Edited by Avishek Dutta

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

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