Broad gains on Wall Street
Stocks closed higher on Thursday as investor sentiment improved on the back of cooling inflation data and a strong earnings report from Oracle. The S&P 500 rose 0.38% to close at 6,045.26, putting it less than 2% away from its all-time high. The Nasdaq Composite added 0.24%, finishing at 19,662.48, while the Dow Jones Industrial Average climbed 101 points, or 0.24%, to 42,967.62.
Oracle leads tech rally
Oracle posted better-than-expected fourth-quarter results, sending its shares up 13%. CEO Safra Catz said cloud infrastructure revenue could grow more than 70% in fiscal 2026, thanks to continued AI demand. That optimism helped lift the broader tech sector.
Air India crash
Boeing dropped nearly 5% after an Air India Dreamliner 787 crashed shortly after takeoff. The aircraft was carrying 242 passengers. The incident weighed on the Dow and reignited concerns about Boeing’s safety record.
Inflation report supports rate-cut hopes
Also buoying the market: a cooler-than-expected Producer Price Index. May’s PPI rose just 0.1%, less than economists’ expectations of a 0.2% increase. Bond yields eased on the data, reinforcing hopes that the Federal Reserve may be closer to cutting interest rates.
Trade remains a wildcard
However, uncertainty over global trade policy limited the market’s upside. President Donald Trump said he may extend a July 8 deadline for higher tariffs if trade talks progress, but insisted a deal with China was already “done.” A vague framework for further talks was reached in London, though nothing has yet been signed.
Trump also mentioned pending negotiations with Japan, South Korea, and the EU, keeping investors on edge. Analysts say a concrete resolution on tariffs remains key to breaking the market out of its current range.
European markets under pressure
In Europe, stocks moved lower amid the same tariff concerns. The Stoxx 600 slipped 0.3%, Germany’s DAX fell 0.7%, and France’s CAC 40 dipped 0.1%. The UK’s FTSE 100 was the outlier, rising 0.2% despite data showing the British economy shrank more than expected last quarter.
Commodities and the dollar
Brent crude is trading 0.37% higher at US$70.03 a barrel.
WTI crude is trading 0.74% higher at US$68.65 a barrel.
Spot gold is trading 0.93% higher at US$3,386.47 an ounce.
Gold futures (COMEX) are trading 1.88% higher at US$3,406.70 an ounce.
One Australian dollar is buying 65.30 US cents.
Futures
The SPI futures are pointing to a 48 point rise.
