The consumer prices for August due to be released on Wednesday are likely to influence the interest rate decision of the US Federal Reserve in the coming week. Ahead of the announcement, investors are once again cautious.
The broad-based S&P 500 was up moderately by 0.2 percent to 5,484 points in early trading in New York. The Nasdaq 100, which is heavily influenced by technology stocks, rose by 0.5 percent to 18,756 points. Both stock market barometers benefited from the price gains of tech heavyweights such as Microsoft, Amazon and Meta Platforms.
Oracle created a positive mood in the tech stock market world. The database systems specialist surprised investors the evening before with a collaboration with Amazon subsidiary AWS: Oracle databases are to run more frequently on the market leader’s cloud platform in the future. Oracle shares then shot up by almost 13 percent to a record high. Amazon shares gained 2.5 percent.
Bucking the trend of rising tech stocks, Apple lost 1.4 percent. In the dispute with the EU Commission over around 13 billion euros in back taxes, the technology group suffered a final defeat before the European Court of Justice. The judges in Luxembourg overturned a previous ruling in Apple’s favor and ruled in favor of the Brussels authority.
HP Inc Enterprise shareholders suffered premarket losses of almost 8 percent. The information technology company announced the issue of mandatory convertible preferred shares valued at $1.35 billion.
Tesla shares gained 4 percent to just over 225 US dollars. Deutsche Bank advised buying the shares of the e-car manufacturer and identified 40 percent upside potential./bek/nas
