US STOCKS-S&P 500 futures hit record high ahead of inflation data; Oracle jumps

Sept 10 (Reuters) - Futures tied to the S&P 500 touched a record high on Wednesday, driven by a surge in cloud firm Oracle, as investors awaited producer prices data due later in the day for insights into U.S. inflation.

Oracle ORCL.N soared nearly 29% in premarket trading after it said it expected booked revenue at its Oracle Cloud Infrastructure business to exceed half a trillion dollars, as demand for its low-cost cloud infrastructure services grew.

Some chipmakers rose, with Nvidia NVDA.O gaining 2%, Advanced Micro Devices AMD.O 3.3% up and Broadcom AVGO.O adding 2.2%.

Companies supplying power to data centers also rose, with Constellation Energy CEG.O up 1.4%, Vistra VST.N advancing 2.8% and GE Vernova GEV.N 2.5% higher.

A producer prices report will be watched later in the day to assess the impact of U.S. President Donald Trump's tariff policies and whether it could help make the case for a jumbo 50-basis-point cut at the Federal Reserve's meeting next week.

A consumer prices reading is expected on Thursday.

Recent labor market data has confirmed a slowdown in the U.S. jobs market, prompting traders to price in an at least 25-bps cut in interest rates at the Fed's September 16-17 meeting.

August nonfarm payrolls data led traders to bet on a bigger-than-usual 50-bps reduction, with its probability standing at 10%, CME's FedWatch tool showed.

At 05:15 a.m. ET, Dow E-minis YMcv1 fell 115 points, or 0.25%, S&P 500 E-minis EScv1 rose 9.25 points, or 0.14%, and Nasdaq 100 E-minis NQcv1 added 18.25 points, or 0.08%.

Meanwhile, a federal judge on Tuesday temporarily blocked Trump from removing Fed Governor Lisa Cook, an early setback for the White House in an unprecedented legal battle that could potentially upend the central bank's long-held independence.

The three main indexes closed at record highs on Monday after a downward payrolls revision kept rate-cut bets intact, while a rise in UnitedHealth UNH.N shares aided gains.

Wall Street has had a broadly positive start to September - a month deemed historically bad for U.S. equities - with the benchmark index losing 1.5% on average since 2000, according to data compiled by LSEG.

Barclays raised its year-end 2025 target for the S&P 500 - for the second time in three months - to 6,450 from 6,050.

In other stocks, Synopsys SNPS.O slid 20% before the bell after the chip design software provider missed Wall Street estimates for third-quarter revenue on Wednesday.

Peer Cadence Design Systems CDNS.O slipped 3.8%.

GameStop GME.N gained 8.3% after the video game retailer reported higher second-quarter revenue.