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Tuesday, 20 October 2026

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S&P 500 Futures Hit Record High as Oracle Soars; Investors Eye Inflation Data

By Katherine (Kay)2 min read

S&P 500 futures touched a record high on Wednesday, fueled by a surge in Oracle, while investors awaited US inflation data that could shape expectations for a potential jumbo Federal Reserve rate cut next week.

Shares of Oracle (ORCL) jumped nearly 29% in premarket trading after the company said booked revenue at its Oracle Cloud Infrastructure unit is expected to surpass US$500 billion, as demand grows for its lower-cost cloud services.

The rally spilled over to other technology names. Nvidia gained 2%, Advanced Micro Devices climbed 3.3%, and Broadcom rose 2.2%. Companies supplying power to data centers also advanced, including Constellation Energy (+1.4%), Vistra (+2.8%), and GE Vernova (+2.5%).

Focus on inflation and Fed policy

Markets are bracing for a producer prices report later Wednesday and a consumer prices reading on Thursday. Both will be key to assessing the impact of President Donald Trump’s tariff policies and whether the Fed could opt for a larger 50-basis-point cut at its Sept 16–17 policy meeting.

Traders have largely priced in at least a 25-bps cut, with CME’s FedWatch tool showing a 10% probability of a 50-bps move following weak August nonfarm payrolls data.

The backdrop comes as a federal judge temporarily blocked Trump from removing Fed Governor Lisa Cook, underscoring an unprecedented legal challenge to the central bank’s independence.

Index moves and market sentiment

At 5:15 a.m. ET, Dow E-minis fell 115 points (0.25%), while S&P 500 E-minis rose 9.25 points (0.14%) and Nasdaq 100 E-minis added 18.25 points (0.08%).

The three main Wall Street indexes had already closed at record highs on Monday, supported by a downward payrolls revision that reinforced rate-cut bets and gains in UnitedHealth.

Despite September’s reputation as a weak month for equities — with the S&P 500 historically losing 1.5% on average since 2000 — markets have posted a strong start. Barclays raised its year-end 2025 target for the S&P 500 to 6,450 from 6,050, its second upward revision in three months.

Other movers

  • Synopsys dropped 20% premarket after missing Wall Street’s Q3 revenue estimates, while peer Cadence Design Systems slipped 3.8%.
  • GameStop gained 8.3% after reporting higher second-quarter revenue.

Author

  • Kay like to explores the intersection of money, power, and the curious humans behind them. With a flair for storytelling and a soft spot for market drama, she brings a fresh and sharp voice to Southeast Asia’s business scene.
    Her work blends analysis with narrative, turning headlines into human stories that cut through the noise. Whether unpacking boardroom maneuvers, policy shifts, or the personalities shaping regional markets, Kay offers readers a perspective that is both insightful and relatable — always with a touch of wit.