Major indices are mostly moving higher following Oracle’s (ORCL) strong revenue guidance, while the better-than-expected PPI reading is bolstering Fed rate cut probabilities.

With Oracle’s performance thus far, Larry Ellison topped Elon Musk as the world’s richest (public) person.

Six major indices are moving higher, with Technology (XLK) in the lead and getting a boost from Oracle’s earnings release. The stock is on pace for its best day since 1992. Meanwhile, Consumer Staples (XLP) is lagging the pack.

Utilities (XLU) is in 2^nd place today, with many nuclear names making up the top advancers in the sector.

This comes as the Oracle report reignites investor enthusiasm for powering Artificial Intelligence (AI), spotlighting the critical role Utilities have in meeting the surging power demands of AI-driven data centers.

Big tech gains are holding up the strong performance in the S&P 500 today.

IPO Update

Klarna (KLAR) is officially a public company opening at $52 in its NYSE debut. This is the biggest fintech IPO of the year whose rivals include Affirm (AFRM), Block (SQ), and Pay Pal (PYPL).

 

Rate Cut Update

Trump took to Truth to reiterate his call for lower rates, following the PPI beat.

Investors are now pricing in a 0% chance of the Fed holding rates steady.

Furthermore, investors are pricing an increased likelihood of additional rate cuts over the year.

All eyes on the CPI release tomorrow.

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