Stocks Open Mixed as PPI Data Cools Inflation, Oracle and Apple Lift Tech

U.S. stocks opened with a split tone Wednesday, as fresh inflation data eased pricing pressures while heavyweight technology names boosted the Nasdaq and S&P 500. The Dow Jones Industrial Average slipped 65.37 points, or 0.14%, to 45,646.0. The S&P 500 rose 25.51 points, or 0.39%, to 6,538.12, while the Nasdaq Composite jumped 90.50 points, or 0.41%, to 21,970.0. The small-cap Russell 2000 added 0.24% to 237.41.

The morning moves followed a cooler-than-expected reading on wholesale inflation. The Producer Price Index for final demand declined 0.1% in August, the U.S. Bureau of Labor Statistics reported. That marked the first monthly pullback since April and came after a 0.7% jump in July. On a 12-month basis, PPI rose 2.6%. Services prices led the drop, falling 0.2%, while goods eked out a 0.1% gain. The moderation in producer prices comes as investors continue to parse the inflation trajectory and its implications for Federal Reserve policy.

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At the same time, consumer data painted a more complex picture. Bank of America Institute reported household credit and debit card spending rose 1.7% year-over-year in August, with a 0.4% month-over-month increase—the third straight monthly gain. Yet spending growth remains uneven: higher-income households lifted outlays by 2.2%, while lower-income cohorts managed just 0.3%. Younger consumers, particularly Gen Z, Millennials, and Gen X, continue to show the weakest momentum, a reflection of a softer labor market and diminished wage gains.

Against that backdrop, technology earnings and product announcements took center stage. Oracle shares soared in early trade after the software giant posted results that analysts dubbed “a miss that doesn’t matter.” Revenue of $14.9 billion and EPS of $1.47 came in marginally light, but the company’s Remaining Performance Obligations exploded to $455 billion, up 359% from a year ago. The backlog, seen as a proxy for future AI-related demand, recast Oracle as a leading player in the infrastructure race. Investors pushed the stock above $300 pre-market, a more than 30% surge.

Apple also commanded attention, unveiling its latest iPhone lineup at a Cupertino event Tuesday. The new iPhone 17 family features upgraded processors, improved durability, and integration of “Apple Intelligence,” the company’s suite of AI-driven tools. The newly introduced iPhone Air carries a thinner design, while the flagship iPhone 17 Pro will cost $1,099, up from $999, amid shifting production to India. Analysts at Wedbush said Apple’s push could trigger a new upgrade cycle, with an estimated 315 million iPhone users still holding devices more than four years old.

Commodity markets added another layer to the morning’s trading story. Gold futures edged higher, with December contracts rising 0.01% to $3,682.70 an ounce, stabilizing after recent volatility. Crude oil futures gained more sharply, with October contracts advancing 1.01% to $63.26 a barrel, supported by steady demand and investor positioning ahead of the fall.

Taken together, the combination of softer producer prices, resilient consumer spending among higher-income groups, and blockbuster corporate developments helped lift growth-oriented sectors even as the Dow, weighed by cyclical components, lagged behind. Investors will be watching closely whether inflation’s cooling trend continues into the fall—and whether consumers outside the top income brackets can sustain their spending in the face of labor market headwinds.