Traders Respond to Earnings and Inflation Numbers

US index futures are mixed this morning but have picked up in the last few minutes. NASDAQ futures are up 0.4% while Dow futures are down 0.1%. Over in Europe, the DAX is flat, and the FTSE is up 0.2%. Asia Pacific trading saw the Hang Seng gain 1.0% and the Nikkei rise 0.9%.

In metals action Platinum is rallying with a 2.4% gain so far today, while Silver is up 0.8%. Copper and Gold are both up 0.2%. Energy trading is mixed with Crude Oil up 1.1% and Natural Gas down 1.7%.  

US producer prices (2.6% vs street 3.3%) came in much softer than expected, potentially giving the Fed room to cut interest rates by more than 0.25% when it meets later this month. US consumer prices are due tomorrow morning.

Oracle* is up 31.3% in premarket trading today despite results falling short of expectations, after management unveiled strong growth forecasts for its cloud computing business, driven by AI growth.  This appears to be having a generally positive impact on technology stocks in general.

*Shares of Oracle are held in some portfolios managed by SIA Wealth Management.

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