S&P Rebounds as Oracle Leads Tech Charge
The S&P 500 rose on Thursday as a rally in Oracle lifted investors’ hopes and boosted the big tech sector.
The Dow Jones Industrials remained red 23.53 points to 42,842.24
The broader index squeezed ahead 11.54 points to 6,033.78.
The NASDAQ Composite recovered 36.92 points to 19,637.80.
Shares of Oracle surged 14% after the company reported fiscal fourth-quarter results that beat on the top and bottom lines and indicated more cloud growth ahead. CEO Safra Catz said on a conference call that thanks to AI demand, cloud infrastructure revenue should increase more than 70% in the 2026 fiscal year, up from growth of 52% in the quarter.
Oracle’s rally lifted big tech stocks higher, with the sector leading the S&P 500 higher on Thursday.
On the other hand, Dow component Boeing shed 4% after an Air India Dreamliner 787 crashed after takeoff with 242 passengers on board.
Stocks were weaker even as investors got another batch of data hinting at a solid economy.
The May producer price index, a measure of final demand prices in the U.S. economy, rose just 0.1% for the month after decreasing 0.2% in April.
Economists surveyed by Dow Jones had been looking for a 0.2% increase for last month.
Wall Street awaits further developments on trade policy, especially between the U.S. and China, as talks between the two countries have been a focal point this week.
Trump said Wednesday he would be willing to extend a July 8 deadline for finishing trade talks with countries before higher U.S. levies take effect, but that the extensions may not be necessary.
U.S. and Chinese officials reached a framework for future talks in London after two days of discussion this week, but the vague deal outline still awaits approval from Trump and Chinese President Xi Jinping. The two countries did agree to ease some restrictions around rare earth metals and foreign students.
Prices for the 10-year Treasury gained, lowering yields to 4.36% from Wednesday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices gained eight cents to $68.07 U.S. a barrel.
Gold prices brightened $63.60 to $3,353.40 U.S. an ounce.
