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Key Takeaways
- The S&P 500 and Nasdaq climbed to record highs Wednesday following a report showing wholesale inflation surprisingly fell in August.
- Oracle shares soared after the computing giant gave a better-than-expected outlook on strong AI demand.
- Synopsys shares fell after the company reported quarterly results that missed estimates and lowered its full-year outlook.
The S&P 500 and Nasdaq climbed to record highs Wednesday following a report showing wholesale inflation surprisingly fell in August. The Dow slid, however, led by a drop in shares of Apple (AAPL), after the tech giant launched its iPhone 17 models yesterday.
Oracle (ORCL) shares added more than a third of their value to lead gains on the S&P 500, after the computing giant raised its outlook for cloud infrastructure sales on booming AI demand.
Shares of Bill (BILL), a financial automation software company, also gained after activist investor Elliott Investment Management took a stake in the firm.
Shares of GameStop (GME) jumped after the videogame retailer reported better-than-expected results and said it held more than half a billion dollars worth of Bitcoin, with plans to distribute a special dividend to shareholders in the form of warrants.
Synopsys (SNPS) was the worst-performing stock in the S&P 500 after the semiconductor design software maker missed earnings estimates and cut its full-year outlook as sales of its design intellectual property dropped.
The Trade Desk (TTD) shares slumped following a downgrade from Morgan Stanley, which raised concerns about the adtech company’s growth as its revenue forecast implied continued challenges ahead.
Fox (FOXA) shares slid for a second-straight session following the resolution of the Murdoch family fight over who would control Rupert Murdoch’s media empire.
Oil and gold futures advanced. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Prices for major cryptocurrencies were higher.
