Producer Prices Coming in Hot
Quick Read
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Chip stocks are bouncing 3% in premarket after last Friday's brutal 10% semiconductor ETF selloff, even as Trump's threat to strike Iran and $90 crude cap broader gains.
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Intel surged 5% premarket on a Bank of America upgrade to Buy, while Oracle plans to raise $40 billion to accelerate its AI infrastructure buildout.
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Live Blog Update #1 Published
Wholesale prices came in hotter than expected in May, with the producer price index (PPI) climbing 1.1% on the month against a 0.7% estimate, lifting the 12-month rate to 6.5%, the highest since November 2022 and up from April’s 5.7% reading. Nearly 80% of the monthly move traced back to a surge in energy costs, with gasoline prices jumping 23.4% at the wholesale level. The data lands one day after Wednesday’s hot CPI print, keeping the Federal Reserve firmly on hold heading into next week’s rate decision.
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Oracle (NYSE:ORCL) is taking a hard hit, shedding more than 11% after laying out plans to raise approximately $40 billion through a combination of debt and equity financing in fiscal year 2027, with no additional debt expected for the remainder of calendar year 2026. The market’s reaction reflects concern that the capital raise signals a level of spending ambition that could weigh on near-term returns even as Oracle’s long-term AI infrastructure thesis remains intact.
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SpaceX (NASDAQ:SPCX) is set to begin trading on the Nasdaq Friday at 9:30 AM ET, with Oppenheimer wasting no time, initiating coverage at Outperform with a $190 price target ahead of the opening bell. For those looking to play the other side of the trade, Leverage Shares confirmed that a 2x Short SpaceX ETF will hit the market under the ticker SSPC, giving bearish investors a tool to express their view on what is shaping up to be the most anticipated public debut in market history.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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