Oracle’s (ORCL) positive near and medium-term outlook has pushed its stock higher in premarket trading, and the guidance has positive readthrough for other artificial intelligence (AI) companies as well.
Trading in U.S. index futures suggests a mixed opening for Wall Street stocks on Wednesday, as traders await the August producer price index (PPI) report.
Oracle’s (ORCL) positive near and medium-term outlook has pushed its stock higher in premarket trading, and the guidance has positive readthrough for other artificial intelligence (AI) companies as well.
As of 4 a.m. ET on Wednesday, the Nasdaq 100 and S&P 500 futures rose 0.07% and 0.15%, respectively, while the Dow and Russell 2,000 futures fell 0.20% and 0.35%, respectively.
On Tuesday, stocks ended mostly higher, although the small-cap space came under modest selling pressure. After the annual revision to job numbers for the 12 months ended March 2025 sparked growth concerns, generating some weakness, rate cut hopes got the better of it and sent the major averages higher in the afternoon session.
The Nasdaq Composite closed at a fresh high, and the S&P 500 Index moved back above the 5,000 mark, but it stopped short of challenging its all-time high.
The SPDR S&P 500 ETF (SPY), an exchange-traded fund (ETF) that tracks the S&P 500 Index, and the Invesco QQQ Trust (QQQ) gained 0.23% and 0.28%, respectively. The SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.40%, while the iShares Russell 2000 ETF (IWM) retreated 0.12%.
Following the jobs data revision, Comerica Chief Economist Bill Adams said the Federal Reserve will cut the target rate at next week’s decision following bad news from this dated revision, as well as from the more timely August jobs report.
“Comerica forecasts for the Fed to cut the federal funds rate a quarter percent at every other decision between now and March,” the economist said. “With monetary and fiscal policy set to become more supportive, economic growth and job growth should improve in 2026.”
Among the key economic data due for Wednesday are:
- Bureau of Labor Statistics’ August PPI report (8:30 a.m. ET)
- Initial jobless claims (8:30 a.m. ET)
- Monthly federal budget for August (2 p.m. ET)
Chewy (CHWY) and Oxford Industries (OXM) are among the notable companies reporting on Wednesday.
Crude oil futures rose early Wednesday, while gold futures resumed their rally after hitting a pause on Tuesday. In the currency market, the dollar traded mixed against its major counterparts.
Asian stock markets rose across the board on Wednesday, while European equities started on a firm note. The 10-year U.S. Treasury note yield held above the 4% level
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