Oracle’s shares jumped 35% after reporting a surge in cloud bookings driven by AI demand. The rally propelled CEO Larry Ellison above Elon Musk to the top of the global wealth rankings.
In contrast, Apple fell 3% as its iPhone 17 launch failed to impress. Its new AirPods Pro 3, which can translate languages in real time, has generated some buzz and excitement though.
On the economic front, U.S. producer price inflation (PPI) declined 0.1% in August, defying expectations for a 0.3% increase.
It was the first monthly drop in four months and added momentum to the view that disinflation is back on track ahead of Thursday’s consumer price index (CPI) report.
The combination of softer PPI data and weaker-than-expected NFP data last week has strengthened speculation that the Federal Reserve could deliver a larger-than-expected 50 basis point rate cut next week.
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