Finance

The Bureau of Labor Statistics reported that consumer prices advanced 0.4% in August, bringing the annual inflation rate to 3.4%. Although the baseline numbers matched consensus estimates, a slight bump in the core monthly reading accelerated expectations that central bankers will raise interest rates by 25 basis points next week.

After hitting multi-month highs due to ongoing Middle East geopolitical tensions involving Iran, global energy prices receded. International benchmark Brent crude slipped back down near $104 per barrel, providing crucial relief to equity markets after previous sessions were dragged down by energy-led inflation fears.

Shares of Oracle popped significantly after the tech giant reported stronger-than-expected fiscal first-quarter results. Driven by cloud infrastructure revenues that more than doubled, the company surpassed Wall Street projections on both top and bottom lines while maintaining its capital spending outlook.