LIVE MARKETS-S&P 500, Nasdaq higher midday as Oracle hits record

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S&P 500, NASDAQ HIGHER MIDDAY AS ORACLE HITS RECORD

The S&P 500 .SPX and Nasdaq .IXIC are higher in midday trading Wednesday and hit record highs just after the opening, with technology leading gains among S&P 500 sectors as Oracle ORCL.N shares are up more than 40% and as U.S. producer price data underscored expectations for a rate cut from the Federal Reserve this month.

The Dow .DJI is lower, weighed down by a 2.8% decline in both Apple AAPL.O and Amazon AMZN.O shares.

Oracle shares are soaring, hitting a record, a day after the company pointed to a demand surge for its cloud services from AI firms. Oracle reported four multi-billion-dollar contracts with three clients during the August quarter. The S&P 500 technology sector .SPLRCT is up about 2%, while Nvidia NVDA.O shares are up 4.2%.

Data earlier showed U.S. producer prices unexpectedly fell in August amid a compression in trade services margins and mild increase in the cost of goods, suggesting that domestic businesses were probably absorbing some of the tariffs on imports.

Data for U.S. consumer prices is due on Thursday.

Also of note, Barclays raised its 2025 year-end target for the S&P 500, for the second time in three months, to 6,450 from 6,050 and Deutsche Bank lifted its 2025 target to 7,000 from 6,550.

Here is the midday market snapshot:

(Caroline Valetkevitch)

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