US: Stocks up but Oracle slumps on weak earnings
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[NEW YORK] US stocks opened higher on Thursday as data showed modestly higher inflation and fewer jobless claims while shares of technology giant Oracle tanked on disappointing earnings.
Five minutes into trade, the Dow Jones Industrial Average stood at 18,049.35, up 113.61 points (0.63 per cent).
The broad-based S&P 500 rose 9.75 (0.46 per cent) to 2,110.19, while the tech-rich Nasdaq Composite Index gained 29.02 (0.57 per cent) to 5,093.90.
The gains followed a Wednesday Federal Reserve policy announcement and news conference widely seen as dovish on the plan to lift interest rates from near-zero levels.
Higher gasoline prices lifted the consumer price index by 0.4 per cent in May, while US jobless claims dropped 12,000 to 267,000 in the week ending June 13, data showed.
Software and networking giant Oracle fell 7.2 per cent as it reported net income for the quarter ending May 31 of 78 cents per share, nine cents below analyst expectations. The company said results were marred by the strong dollar.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
AFP
Share with us your feedback on BT's products and services
TRENDING NOW
More workers in Singapore opt for jobs for which they are overqualified: MOM, NTUC studies
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
Beijing’s calculated silence on the Iran war
