REFILE-LIVE MARKETS-S&P 500, Nasdaq manage record closes but give up gains late ahead of CPI

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S&P 500, NASDAQ MANAGE RECORD CLOSES BUT GIVE UP GAINS LATE AHEAD OF CPI

The S&P 500 .SPX and Nasdaq .IXIC eked out record closing highs again on Wednesday, but ended well off their session highs, with investors holding their breath ahead of the key U.S. consumer prices report on Thursday.

This morning's cooler-than-expected U.S. producer prices index data boosted stocks early in the day as it kept intact expectations the Federal Reserve will cut interest rates next week.

"We had some good news on the producer prices index. Wholesale prices actually came down, especially year to year... So I think that gave encouragement to investors," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
But stocks gave up some gains toward the close, "and the reason for that was people wanted to play safe and take some profits off the table going into CPI tomorrow," he said, adding:
"I'd be surprised to see on a year-to-year basis a big improvement at the consumer level... But if I'm wrong and we see a big drop, that would indicate that perhaps tariff inflation is beginning to wane, and that could open the door for a 50 basis point cut next week."

The Fed is widely expected to cut rates by at least 25 basis points when it meets next week amid worries about the labor market.

Also helping stocks today was a 36% jump in shares of Oracle ORCL.N. Late Tuesday, 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 rose 1.8%, with Nvidia NVDA.O up 3.8%.

A Reuters survey of economists forecast the CPI increased 0.3% last month after climbing 0.2% in July. Consumer prices are expected to have advanced 2.9% on a year-over-year basis in August after rising 2.7% in July.

Here is the closing market snapshot:

(Caroline Valetkevitch)

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