Morning Dose: Oracle Booms, Inflation Hints
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Good morning traders and welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. Today, Wednesday, September 10th, the market mood is mostly positive with futures ticking higher, following yesterday’s strong momentum that saw the Nasdaq Composite hitting a new all-time high.
Overnight Headlines
- Oracle (ORCL): Making headlines with a surge of over thirty percent pre-market after an impressive RPO surge to $455 billion.
- Chewy (CHWY): Beat on earnings per share but down about eight percent due to revenue miss.
- GameStop (GME): Popping over ten percent after beating estimates.
Economic Announcements
Watch out for the August Producer Price Index (PPI) today, a precursor to tomorrow’s crucial CPI report. The market expects a rate cut in September, but a friendly inflation number could increase odds for more cuts in the coming months.
Earnings Highlights
- Alphabet (GOOGL): Projects strong revenue growth in Google Cloud by 2027.
- Meta (FB) & TikTok (Privately Held): Successfully challenged E.U. tech fees.
Top Movers
- Big Gappers Up: Asset Entities (A-S-S-T), Oracle (ORCL), GameStop (GME), Greenwich LifeSciences (G-L-S-I).
- Big Gappers Down: Synopsys (S-N-P-S), NIO (NIO).
Quick Trade Ideas
For SPY (S&P 500 ETF), watch support around 648 and resistance at 654. QQQ (Nasdaq 100 ETF) has support near 578 and resistance at 584. Focus on tech and communication services sectors while being wary of materials and industrials.
Key Takeaway
Stay nimble and alert as the market awaits the inflation data. Trade the strength but be prepared to adjust your positions based on the PPI and CPI reports. Oracle’s rally is impressive but keep an eye on broader market trends.