Stock Market Update

[BRIEFING.COM] A combination of exceptional earnings guidance from Oracle (ORCL 331.68, +90.17, +37.34%) and a better-than-expected August PPI report quickly pushed the S&P 500 (+0.6%) and Nasdaq Composite (+0.4%) to fresh all-time high levels. Meanwhile, the DJIA (-0.2%) holds a modest loss.

Oracle reported a slight $0.01 EPS miss but disclosed a 359% ($455 billion) increase in the company's remaining performance obligations (RPO). The information technology sector is up 1.8% just after the open as investors are reinvigorated by AI growth potential. 

Healthy upward moves in Broadcom (AVGO 360.41, +23.74, +7.05%) and NVIDIA (NVDA 178.86, +8.10, +4.74%) have the PHLX Semiconductor Index up 2.2%.

Ironically, the information technology sector also holds the worst-performing name in the S&P 500 today, Synopsys (SNPS 390.52, -213.85, -35.38%), which trades lower after disappointing earnings amid wthdrawn guidance.

Sector strength as a whole is relatively evenly split, with six S&P 500 sectors trading higher. 

The market is also relishing in a better-than-expected August PPI report, which saw a 0.1% decrease in both the index for final demand and the index for final demand excluding food and energy. 

Just released, wholesale inventories increased 0.1 in July (Briefing.com consensus: 0.2%) from a 0.1% increase in June.