Market Recap - Wednesday, September 10, 2025
Stocks Mixed as Oracle’s AI Surge Grabs Spotlight; PPI Cools Inflation Worries
Stocks finished mixed today but ended off their worst levels, with the S&P 500 and Nasdaq both closing at new record highs. The Dow slipped 0.48% while the S&P 500 rose 0.30% and the Nasdaq eked out a 0.03% gain. Smaller caps lagged, with the Russell 2000 down 0.16%. Strength came from energy, semiconductors, industrials, airlines, and defense names, while big tech was mixed — Oracle surged on a blowout AI order book, while Apple and Amazon pulled back. Software and healthcare stocks underperformed, along with some consumer names and media. Treasuries caught a bid, the dollar ticked higher, and oil jumped 1.7% on Middle East tensions. Bitcoin rose nearly 2%.
The big story of the day was Oracle, which jumped 36% after reporting a massive 359% year-over-year surge in remaining performance obligations (RPO)—a key measure of future revenue — thanks to huge AI-related contracts. That added fuel to the broader AI rally, especially following strong AI commentary from the Goldman Sachs Communacopia conference and a 34% jump in August revenue from chip giant TSMC. Meanwhile, today's surprise drop in August PPI (-0.1% vs +0.3% expected) eased some inflation fears and added to expectations that the Fed may still cut rates later this year. A strong 10-year Treasury auction also helped calm recent concerns about government bond supply.
Elsewhere, consumer resilience remained a key theme from financial and tech conference updates. Visa and Mastercard both flagged healthy consumer spending, and banks like Citi and Wells Fargo pointed to declining delinquencies and stable loan performance. Klarna’s IPO priced strong, while Potbelly soared on a takeover bid. On the downside, Synopsys and Chewy slumped on margin concerns and weaker guidance, while some media and software names gave back recent gains. Political headlines and seasonal volatility also weighed on sentiment.
Here’s Our Take:
Markets continue to hold up well despite a messy mix of news, with the S&P 500 and Nasdaq notching record highs again today. AI remains the biggest tailwind — Oracle’s massive AI-driven RPO growth, combined with TSMC’s strong revenue and positive updates from the Goldman conference, reinforces the idea that enterprise AI spending is still in early innings. However, concentration risk and rising capex needs are growing concerns, even as demand soars.
Meanwhile, the cooler-than-expected PPI reading supports the market’s belief that inflation is moving in the right direction. That, combined with no new Fed commentary this week, keeps the focus on tomorrow’s CPI report and jobless claims data. For now, consumer strength and AI optimism are keeping markets afloat — but weak breadth, seasonal volatility, and lingering macro risks mean investors should stay selective.
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