U.S. stocks saw a modest rise with Oracle (ORCL, Financial) leading the tech sector after reporting better-than-expected fourth-quarter earnings and projecting continued growth in its cloud business. Oracle plans to offer up to 131,000 AMD MI355X chip clusters in its cloud services. Meanwhile, Boeing (BA) shares dropped 4.8% following a crash involving a Boeing 787 in India, marking a significant setback for the company.
President Trump threatened unilateral tariffs on trade partners within two weeks, intensifying concerns over global trade tensions. While the market is closely monitoring U.S.-China trade negotiations, Trump indicated a potential delay in imposing new tariffs, although he expressed confidence in reaching agreements with multiple countries.
In the Middle East, rising tensions led to a spike in oil prices, with fears of conflict potentially disrupting oil supplies. Market focus remains on potential actions by Israel and Iran, with implications for global oil trade.
Economic data showed U.S. producer prices rose less than expected in May, while unemployment claims reached their highest since late 2021. These figures supported expectations for two interest rate cuts by the Federal Reserve this year, as U.S. Treasury yields dropped.
