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Powell Announces Rate Cut In 2024… Ellison Climbs The Billionaire Ladder Off of Oracle’s 13%+ Day

By Stocks News   |   Jun 12, 2024 at 05:40 PM EST   |   Stock Market News
Powell Announces Rate Cut In 2024… Ellison Climbs The Billionaire Ladder Off of Oracle’s 13%+ Day

The SPY and QQQ once again closed at all time highs… after the legendary Harry Dent predicted a stock market crash for the 100th year in a row.

Shocker!



Today’s issue covers the Fed’s update on interest rate cuts for the remainder of 2024 (fingers crossed)…

Apple briefly passing Microsoft as top dog

And Oracle’s shares surging 13%, minting Larry Ellison as the 7th richest man in the world.

 

But first, here’s the heatmap…

The stock market had an eventful day, with the S&P 500 and Nasdaq Composite indices reaching new closing highs. Meanwhile, the Dow Jones Industrial Average finished the day slightly lower.

The latest inflation data provided some encouraging news. The Consumer Price Index, a key measure of inflation, rose 3.3% year-over-year in May, coming in lower than the expected 3.4% increase. This cooler-than-anticipated inflation reading helped buoy the markets.

In other news, Nvidia stock gained after Oracle referenced strong demand for the company's chips in its earnings report. After the market close, semiconductor giant Broadcom announced a 10-for-1 stock split, a move that often signals confidence in a company's future prospects.

The Federal Reserve also held its policy meeting, keeping interest rates steady for now. However, the central bank's projections suggest only one rate cut is expected by the end of the year, dampening some investors' hopes for more aggressive easing. Fed Chair Jerome Powell emphasized that the central bank will continue to monitor the economic data and make decisions accordingly.

Adding to the market excitement, Apple's stock price continues to surge following its WWDC keynote this week, where it introduced an Apple Intelligence suite of AI features coming to the iPhone, iPad, and Mac. In intraday trading today, Apple overtook Microsoft to become the world's most valuable company again, but the two tech giants may trade places throughout the day.

Apple's stock crossed the $200 mark and set a new all-time high on Tuesday, and it has rose another 3% today as of writing. Generative AI has been a buzz topic for investors since ChatGPT debuted in 2022, and Apple finally unveiling its own strategy for the technology has likely contributed to this surge.

Apple Intelligence features will allow users to summarize text, create custom emoji and images, receive priority notifications, and more. Siri is also getting smarter with Apple Intelligence, with richer language understanding and more per-app controls. The features will require an iPhone 15 Pro or newer, or a Mac or iPad with an M1 chip or newer.

Apple briefly hit a market cap of $3.28 trillion, compared to $3.25 trillion for Microsoft

Overall, the markets displayed a mix of reactions to the various news and data points. While the S&P 500 and Nasdaq reached new highs, the Dow lagged behind, reflecting the nuanced and dynamic nature of the current market environment.

Stock.News Spikers of the Day

F45 Training Holdings Inc.: [FXLV] [+65.29%]

DDC Enterprise Limited: [DDC] [+198.1%]

Oracle's Cloud Bet Pays Off: Stock Soars to Record High

Oracle, the software giant known for its mighty databases, is making waves in the tech world, proving that even old dogs can learn new cloud-powered tricks.

Chairman Larry Ellison has set his sights on redefining the company as a major player in cloud computing, and it seems like his efforts are paying off, much to the delight of investors who are busy doing their happy dance.

The latest news from Oracle has the tech world buzzing, almost as much as the sound of cash registers ringing. The company reported better-than-expected bookings and announced partnership deals with tech rivals, like Microsoft and Google, who are apparently eager to hitch a ride on Oracle's cloud-bound wagon.

It's like Oracle is stepping onto the cloud computing stage with newfound confidence, ready to take on the likes of Amazon and other tech titans, armed with a business strategy that's sharper than a samurai sword.

While Oracle's cloud infrastructure unit, which offers computing power and storage, only contributes a small portion to the company's total sales, investors see it as the key to future growth, kind of like how grandma's secret recipe is the secret sauce to your favorite family dish.

And boy, are they excited. Oracle shares hit a record high, skyrocketing 13% in a single day, leaving even the most seasoned traders scratching their heads and muttering, "Did I miss the memo on Oracle going to the moon?"

In a statement, Oracle CEO Safra Catz highlighted the massive demand for training AI models in the Oracle Cloud, boasting about signing the largest sales contracts in the company's history. Revenue growth is predicted to be in the double digits for the current fiscal year, driven by the ever-increasing demand for artificial intelligence workloads, much like how the kids these days can't get enough of those dancing robot videos on TikTok.

To further solidify its position in the cloud computing arena, Oracle has announced partnership agreements with Google and Microsoft. It's like Oracle is building an all-star team, with each partner bringing their unique strengths to the table, kind of like when your favorite sports team trades for that superstar player that makes everyone else on the team step up their game.

As the cloud computing race heats up, Oracle is making its presence known, proving that sometimes the underdog can come out on top, just like that time your little brother beat you at your favorite video game.

So fasten your seatbelts, because this is just the beginning of Oracle's exhilarating journey into the cloud, and trust me, the ride is going to be anything but boring.

Stocks.News has positions in Microsoft, Apple and Google

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