Finance

Semiconductor stocks saw significant gains, with Micron surging 12% and Intel rising 10% after a bullish analyst upgrade. While broader tech sentiment was high, Oracle shares bucked the trend, falling nearly 9% as investors reacted to a miss in cloud revenue and concerns over massive capital expenditures for AI infrastructure.

The Producer Price Index (PPI) for May 2026 rose 1.1% month-over-month, bringing the annual rate to 6.5%, the highest level since late 2022. This surge was primarily driven by volatile energy costs linked to Middle Eastern conflicts, fueling market expectations that the Federal Reserve may remain hawkish despite cooling core inflation figures.

Financial markets are closely monitoring the expected initial public offering of SpaceX, which is projected to be the largest in history. The anticipation surrounding this event has already begun to influence trading activity, contributing to the recent momentum in the technology sector as investors position themselves for the massive equity deal.