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May 11, 2023
A quick look at yesterday: the enterprise IT company went up to $97.52, gaining 1.44%.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected improvement to 0.3% (previous figure was -0.5%).
Oracle's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories improved upon its previous reading of -1.28 million with a new data release of 2.95 million.
At the same time, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
This rally in Oracle's share price coincided with other technology stocks as Accenture plc Class A (Ireland) added 2.05% to its value, and traded at $268.89. Microsoft traded at $312.31 after closing yesterday's trading day at $307 (up 1.73%). ASML Holding gained 2.19%, as it traded at $657.14.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published today at 12:30 UTC.
Also worthy of note, today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 245,000 from the preceding figure of 242,000.
The stock has been trending positively for about a month. A day ago the US tech hardware giant reached a significant high of $97.52 but has consequently lost 1.42% since then.
