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February’s CPI rose 0.3%, putting the 12-month inflation rate at 2.4% as expected and unchanged from January, holding above the Fed’s 2% target but also not getting worse. Core CPI, stripping out food and energy, came in at 0.2% monthly and 2.5% annually, also matching forecasts, with shelter the biggest contributor and rent posting its smallest monthly increase since early 2021. Reports suggest the latest inflation data doesn’t do much to make the Fed’s upcoming decision on interest rates any easier.
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The markets are mixed out of the gate as fighting in the Middle East does not relent. The world is expected to begin releasing emergency oil reserves, beginning with Japan and Germany, to offset the supply decline since transportation through the Strait of Hormuz has been disrupted. President Trump reportedly maintains that the U.S. war with Iran will end sooner than later.
In tech, chip stocks are bright spots, with Micron Tech (Nasdaq: MU) and AMD (Nasdaq: AMD) each gaining about 3% today. Meanwhile, oil prices have been edging higher once again to capture the $85/barrel level as the markets monitor the supply situation. Tech stocks are managing slight gains thanks to a strong earnings print by hyper-scaler Oracle (Nasdaq: ORCL).
Oracle’s earnings are in, and the software giant didn’t disappoint, surpassing Q3 estimates and delivering an upbeat 2027 sales outlook. ORCL shares are soaring by 14% today and helping to buoy the a wider software sector that has been targeted in the AI era. Even with today’s gains, Oracle remains lower by 13% year-to-date as tech stocks have taken the brunt of the selling in the risk-off market cycle of late.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 47,555.75. Down 147.76 (-0.33%)
Nasdaq Composite: 22,835.57 Up 136.01 (+0.58%)
S&P 500: 6,795.45 Up 14.97 (+0.22%)
Market Movers
JPMorgan upgraded shares of Oracle to “overweight” from “neutral,” urging investors to “buy the dip,” suggesting that the sell-off over the past six months has deescalated any valuation risk.
Evercore ISI has reemphasized Netflix (Nasdaq: NFLX) stock as an “outperform” rating, attributing the bullish outlook to the streaming giant’s “pricing power.”
Uber Technologies (NYSE: UBER) is tacking on nearly 4% in today’s session after striking a partnership with Amazon’s (Nasdaq: AMZN) Zoox to offer robotaxis on its platform.
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