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S&P 500 futures edged up in early trading on Wednesday on Oracle’s positive forecast as traders awaited inflation data. S&P futures added 0.2%, Nasdaq 100 futures rose 0.1%, while Dow futures dropped 0.2%.
On Tuesday, all major US indices closed higher. S&P 500 gained 0.26%, Nasdaq rose 0.38%, and Dow Jones added 0.42%, lifted by UnitedHealth.
Oracle shares jumped 26% in extended trading after reporting multicloud database revenue growth of 1,529% from Amazon, Google and Microsoft, driven by AI server demand. The upbeat cloud forecast overshadowed earnings that fell short of expectations.
On the tariffs front, Trump has urged the European Union to impose up to 100% tariffs on China and India over Russian oil purchases, aiming to pressure Russia to end the Ukraine war. The U.S. has already placed a 25% punitive tariff on Indian imports over Russian oil purchases, bringing total duties to 50%.
And following a federal court appeal decision last month that most of Trump’s tariffs are illegal, the Supreme Court granted the Trump administration’s request to hear its appeal, agreeing to an expedited timeline. The court scheduled a hearing for early November.
The administration warns Treasury could face refunding $750 billion to $1 trillion in collected tariffs if the Court delays its ruling until June and finds the duties illegal.
On the other hand, A judge blocked President Donald Trump from firing Federal Reserve Governor Lisa Cook while her lawsuit proceeds. Trump cited pre-Fed mortgage fraud allegations, which Cook denies. The Supreme Court will likely make the final decision in this case.
Today, investors await the producer price index report, which along with Thursday’s consumer price index, will provide inflation insights and hint at the Fed’s interest rate decision next week.
In the commodities market, gold continued to break new highs on Tuesday, reaching $3,675 before correcting downwards and ending the trading session at $3,623. This morning, the precious metal rose above $3,640 again. Silver is now back above $41 an ounce after dropping to $40.78 yesterday. As the US dollar weakens, precious metals are still largely bullish.
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