The S&P 500 index(SPX) hit a new record on Wednesday after wholesale prices unexpectedly dropped, fueling hopes for a Federal Reserve rate cut. Oracle Corporation(ORCL) shares soared over 31% on strong AI-related forecasts.

As of 09:37:20 on Sep 10 ET, the broad-based S&P 500 index(SPX.US) rises by 30.7 points or 0.47% to 6,543.3, the tech-heavy NASDAQ(IXIC.US) advances by 84.4 points or 0.39% to 21,963.8, and the blue-chip Dow Jones Industrial Average(DJI.US) depreciates by 80.8 points or 0.18% to 45,630.5.

The PPI fell 0.1% in August, contrary to forecasts of a 0.3% rise, signaling easing inflation. This boosted expectations for Fed rate cuts, with traders betting on at least a 25-basis-point reduction in September.

Oracle Corporation(ORCL) surged as its multicloud database revenue from Amazon, Google, and Microsoft grew 1,529% last quarter. Nvidia Corporation(NVDA) and Advanced Micro Devices, Inc.(AMD) also rose amid renewed AI sector interest.

Stocks to Watch

•  Oracle Corporation(ORCL) stock surged over 34% after its CEO stated that the cloud infrastructure business will rapidly expand in the coming years, expecting cloud orders worth US$500 billion.
• AI chip stocks generally rose, with Broadcom Inc.(AVGO) up approximately 5.5%, and Nvidia Corporation(NVDA) and Advanced Micro Devices, Inc.(AMD) both up nearly 4%.
•  Nvidia Corporation(NVDA) has unveiled Rubin CPX, which is set to hit the market by the end of 2026.
•  Synopsys, Inc.(SNPS) reported third-quarter earnings and fourth-quarter guidance that fell short of expectations.
•  Gamestop Corp.(GME) exceeded revenue expectations in the second quarter.
•  Chewy, Inc.(CHWY) a US e-commerce platform for pet-related products, saw a significant year-on-year decline in net profit for the second quarter.
•  Faraday Future Intelligent Electric Inc.(FFIE) has passed its compliance supervision period and regained its status as a normally listed company on Nasdaq.
•  Taiwan Semiconductor Manufacturing Company Limited(TSM) reported its highest-ever August revenue and a new record high for the same period in previous years.
•  Baidu, Inc.(BIDU) officially launched its Wenxin Large Model X1.1 deep thinking model.
•  Bilibili Inc.(BILI) is expected to launch a new card game, "Three Kingdoms: Hero Cards," during next year's Spring Festival.