Investing.com – U.S. stock index futures rose in after-hours trading on Monday, led by positive earnings from artificial intelligence-powered cloud giant Oracle, although caution ahead of key inflation data kept gains in check.
Oracle Corp. (NYSE:) helped lift other technology stocks, especially after a subdued session on Wall Street raised concerns that the sector’s rally has now fizzled out.
by 19:07 ET (2307 GMT) was up 0.2% to 5,196.75 points and 0.4% to 18,280.75 points. increased by 0.1% to 39,264.0 points.
Oracle Announces AI-Led Profits, Supports Tech Stocks
Oracle posted one of the best performances in the aftermarket, rising nearly 14% after posting better-than-expected quarterly profit amid increased demand for its artificial intelligence offerings.
The cloud computing company said it will make a joint announcement this week with AI darling NVIDIA Corp. (NASDAQ:), citing expectations of increased demand for cloud infrastructure from the growing AI industry.
Oracle’s gains extended to other tech heavyweights in extended trading, given that AI hype has been a key driver of the stock’s gains in recent months. Nvidia shares rose 1.3%, while Microsoft Corporation (NASDAQ:) and Alphabet Inc (NASDAQ:) gained 0.4% and 0.6%, respectively.
But with the exception of Oracle, most big technology stocks had been losing in the previous two sessions as investors locked in the sector’s recent gains ahead of new U.S. interest rate signals.
On Monday, the index fell 0.1% to 5,117.94 points and fell 0.4% to 16,019.27 points. At the close, shares rose 0.1% to 38,769.66 points.
CPI data expected to signal rate cuts
Focus has now turned to key data for February due later on Tuesday, which will likely impact the Federal Reserve’s forecast for lower interest rates this year.
Data is expected to show inflation remains largely resilient and well above the Fed’s annual target range of 2%.
Tuesday’s inflation data also came just days after several Fed officials, most notably Chairman Jerome Powell, warned that the bank’s plans to cut rates in 2024 will be largely dictated by inflation trends.
Acadia Pharma secondary market trading falls sharply, Meta recovers
Among other aftermarket suppliers, ACADIA Pharmaceuticals Inc (NASDAQ:) shares fell nearly 16% after disappointing results from a phase 3 trial to treat schizophrenia.
Meta Platforms Inc (NASDAQ:) shares rose 0.9%, recovering slightly from falling more than 4% in the previous session after former President Donald Trump called Facebook an “enemy of the people.”