The three major US stock indices are mixed at the opening of trading on Wednesday, September 10, after record closes on Tuesday. The Dow Jones Industrial Average declined, while the S&P 500 and Nasdaq rose, supported by the technology sector. Markets are awaiting US inflation figures on Thursday, with market bets on a September interest rate cut rising.

Market expectations for a US interest rate cut have risen following the employment figures released at the end of last week. Markets are now pricing in three interest rate cuts, according to the CME’s FedWatch tool. This means cuts in the September, October, and December meetings, after previously pricing in only September and December. There are also some bets that the September cut will be 50 basis points, reaching 11%. Some institutional and investment banks, such as Standard Chartered, now see a 50 basis point cut in September following the employment figures.

The S&P 500 index’s sectors traded mixed, with Oracle’s rise supporting the technology sector, which rose 2.01%. The energy sector rose 0.76%, while the industrial and real estate sectors rose 0.60% and 0.47%, respectively. Consumer discretionary goods declined 0.33%, while the financial sector declined 0.16%, healthcare declined 0.48%, and the telecommunications sector lost 0.38%. In economic data, the US Bureau of Labor Statistics reported that the Producer Price Index (PPI), the inflation gauge, fell 0.1% in August, compared to a revised 0.7% increase in July, down from 0.9%. Expectations were for a 0.3% increase. The PPI rose 2.6% year-on-year, up from 3.3%. The core PPI, which excludes food, energy, and trade services, rose 0.3%, marking its fourth consecutive monthly increase, and rose 2.8% year-on-year.

In stock trading, Apple shares fell 2% after the company unveiled several new products at its annual conference on Tuesday, led by the iPhone 17, which disappointed with its lack of artificial intelligence models and continued reliance on OpenAI models.

Meanwhile, software giant Oracle’s stock rose more than 35% at the opening bell, despite its earnings results, which fell short of expectations. Revenue and profits totaled $14.9 billion and earnings per share of $1.47. Expectations were strong, as the company announced that it expects significant growth in its AI-powered cloud computing business, with revenues reaching $144 billion by 2030. This boosted the fortune of company co-founder Larry Ellison by $70 billion in a single day, putting him on the verge of becoming the world’s richest man, surpassing Elon Musk. The Dow Jones Industrial Average (Dow) is trading down by about (110) points at 45,600, with losses of about 0.24%, while the S&P 500 Index (S&P500) is recording gains of 32 points at 6,545, with an increase of about 0.50%, and the Nasdaq Index (Nasdaq) is rising by (88 points) at 21,968, recording gains of about 0.41%.