U.S. stock futures were largely unchanged Wednesday evening as Wall Street looked ahead to Thursday’s consumer price index (CPI) report, which could solidify expectations for a Federal Reserve interest rate cut next week.
S&P 500 Futures edged up 0.1% to 6,545.75, Nasdaq 100 Futures gained 0.1% to 23,894.0, while Dow Jones Futures traded flat at 45,552.0. The steady performance came after the S&P 500 and Nasdaq closed at record highs, lifted by a massive surge in Oracle shares and cooling inflation data.
Oracle (NYSE:ORCL) jumped 36% on strong demand for its cloud infrastructure and AI services, sparking a rally across AI-related tech names, including Nvidia (NASDAQ:NVDA), AMD (NASDAQ:AMD), and Broadcom (NASDAQ:AVGO). Meanwhile, the Dow slipped 0.5%, weighed down by weaker components.
Markets were buoyed by softer-than-expected producer price index (PPI) data. August PPI declined 0.1% month-over-month and rose 2.6% year-over-year, well below forecasts. The report fueled hopes that the Fed could begin its rate-cut cycle with a quarter-point reduction at its September 17 meeting.
Investors are now focused on Thursday’s CPI release. Economists expect headline inflation to rise 0.3% month-on-month and 2.9% year-on-year, while core CPI is forecast at 0.2% monthly and 3.2% annually. The data will be key in shaping the Fed’s next move.
Elsewhere, Synopsys (NASDAQ:SNPS) plunged 36% after missing earnings expectations, driven by weakness in its Design IP segment and disruptions tied to China export restrictions. The drop nearly erased the stock’s 2025 gains.
Looking ahead, market attention will turn to earnings from Kroger (NYSE:KR) and Adobe (NASDAQ:ADBE), both scheduled to report Thursday.


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