Stock Market Today: Dow Jones Rises On Hot CPI Report; AI Giant Oracle Surges On Earnings

Dow Jones futures turned higher, while other major indexes extended their gains Tuesday, as Wall Street reacted to a hotter-than-expected inflation report. Meanwhile, artificial intelligence leader Oracle (ORCL) soared on the stock market today after reporting strong earnings results.

X

Dow Jones futures rose 0.2% vs. fair value in morning action, while S&P 500 futures climbed 0.4%. Tech-heavy Nasdaq 100 futures moved up 0.5% before the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was up 0.5%, while the SPDR S&P 500 ETF (SPY) rose 0.4%.

The 10-year Treasury yield ticked higher to 4.12%. Further, oil prices slipped in early trades, as West Texas Intermediate futures inched lower, trading just below $78 a barrel.

Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.

Stock Market Today

The Labor Department’s consumer price index rose 0.4% in February, in line with estimates, with a hotter-than-expected annual increase of 3.2%. It was expected to rise 3.1% year over year.

Core CPI, which excludes food and energy, climbed 0.4%, more than the 0.3% estimate, with a year-over-year rise of 3.8%. Econoday expected a 3.7% annual increase.

Early Tuesday, AI giant Oracle soared more than 12% in premarket trade after posting better-than-expected quarterly earnings, with sales that hit the mark expected by analysts. Oracle stock jumped as the company said artificial intelligence is boosting demand for its cloud-computing business.

Other earnings reports came from Kohl’s (KSS) and On Holding (ONON). Kohl’s dropped 2.7% in premarket trading, while On shares plunged more than 14%.

Elsewhere, Southwest Airlines (LUV) tumbled more than 8% after the company updated its financial outlook ahead of the J.P. Morgan Industrials Conference. Southwest said it will trim its capacity plans and re-evaluate its forecasts for the year because of aircraft delivery delays from Boeing (BA).

Dow Jones Rises

On Monday, the Dow Jones Industrial Average moved up 0.1% and the S&P 500 slipped 0.1%….

..

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Discover more from Investor News Blog Finance Exchange News

Subscribe now to keep reading and get access to the full archive.

Continue reading