US stocks see mixed performance with the S&P 500 hitting a record high on Oracle's rally. Asia Pacific markets are bullish, ignoring new tariff threats. The US dollar is capped by weak inflation data.
Nikkei 225 hit another record high, US stock indices mixed, WTI retreated after a three-day rally
Mixed performances were seen in the US stock market on Wednesday, 10 September. The S&P 500 has managed to stage another fresh record high with an intraday gain of 0.3%, thanks to a magnificent rally of 36% seen in the share price of Oracle, riding the tailwinds of the ongoing Artificial Intelligence (AI) boom.
Oracle gave an aggressive outlook for its cloud business, cementing its place in the race to support demand for artificial intelligence computing. It signed deals with major customers, including OpenAI, Nvidia, and ByteDance's TikTok, helping boost remaining performance obligations to $455 billion at the end of the fiscal first quarter.
The Nasdaq 100 ended the session nearly flat, while the Dow Jones Industrial Average and the small-cap Russell 2000 slipped by 0.5% and 0.2%, respectively.
In today’s Asia session, most Asia Pacific stock markets are trading in a bullish tone, ignoring Mexico’s plans to impose tariffs of as much as 50% on cars and other products made by China and several Asian exporters such as South Korea and India.
Japan’s Nikkei 225 jumped by 1.2% to hit another fresh record high, led by technology stocks. Hong Kong’s Hang Seng Index trimmed its intraday loss of -1.2% to -0.4% at the time of writing, while China’s CSI 300 recorded an intraday gain of 2.3% to hit a three-year high.
The US Dollar Index traded almost unchanged on Wednesday, 10 September. A slowdown in US producers’ inflation has capped the US dollar's strength. The core PPI in the US fell to 2.8% y/y in August from 3.4% in July and came in below market forecasts of 3.5%.
The US dollar rebounded slightly in today’s Asia session. The US Dollar Index increased by 0.1% ahead of today’s US CPI release and the ECB monetary policy decision.
WTI crude oil retreated by -0.2% intraday at its 20-day moving average, which is acting as an intermediate resistance at around US$64.36/barrel, putting a halt to its prior three days of consecutive rallies driven by rising geopolitical risk arising from Russia's drones being shot down by Poland and Israel’s offensive manoeuvres into Qatar.
Our YouTube video above contains the latest intraday technical analysis on the US Wall Street 30, US Nas 100, US SPX 500, Hong Kong 33, Japan 225, Germany 30, EUR/USD, GBP/USD, AUD/USD, USD/JPY, Gold (XAU/USD), and West Texas Oil.
