Morning Brief
Oracle soars, Wall Street lifts targets, PPI cools
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US stocks push higher with the S&P 500 and Nasdaq at record highs after Oracle (ORCL) surges more than 30% on blowout AI-driven cloud guidance, adding $200B+ to its market cap overnight. Wall Street strategists rush to lift forecasts: Deutsche Bank raises its year-end S&P 500 target to 7,000, Barclays hikes to 6,450, and Wells Fargo sees double-digit gains into 2026. Inflation data adds fuel as the Producer Price Index unexpectedly declines for the first time since April, reinforcing bets on a Fed rate cut next week. Meanwhile, Klarna launches its long-awaited IPO under ticker [KLAR], valued at $15B after pricing above range. On the regulatory front, a judge blocks President Trump’s attempt to oust Fed Governor Lisa Cook, keeping her on the board ahead of next week’s policy meeting. In trending tickers, Synopsys (SNPS) plunges on a weak China outlook and job cuts, Novo Nordisk (NVO) sheds 9,000 jobs while cutting guidance, and Chewy (CHWY) falls on rising costs despite higher sales.
Takeaways:
Oracle skyrockets on AI cloud outlook; S&P 500 targets raised across Wall Street
PPI falls for first time since April, boosting Fed rate cut bets
Klarna IPO prices at $40/share, values firm at $15B under ticker KLAR
Synopsys slumps, Novo Nordisk cuts jobs, Chewy drops on costs
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