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Investing.com– U.S. stock index futures rose in evening deals on Monday, buoyed chiefly by positive, AI-fueled earnings from cloud giant Oracle, although caution ahead of key inflation data kept gains limited.
Oracle Corporation (NYSE:) helped inspire gains in other technology stocks, especially after a muted session on Wall Street drummed up concerns that a rally in the sector was now running out of steam.
rose 0.2% to 5,196.75 points, while rose 0.4% to 18,280.75 points by 19:07 ET (23:07 GMT). rose 0.1% to 39,264.0 points.
Oracle pops on AI-driven earnings, buoys tech stocks
Oracle was one of the best performers in aftermarket trade, surging nearly 14% after clocking stronger-than-expected quarterly earnings on increased demand for its AI offerings.
The cloud computing firm said it will make a joint announcement with AI darling NVIDIA Corporation (NASDAQ:) this week, citing expectations of increased demand for cloud infrastructure from the growing AI industry.
Gains in Oracle spilled over into other tech heavyweights in extended trade, given that AI hype has been a key driver of stock gains in recent months. Nvidia rose 1.3%, while Microsoft Corporation (NASDAQ:) and Alphabet Inc (NASDAQ:) added 0.4% and 0.6%, respectively.
But barring Oracle, most major tech stocks were nursing losses over the prior two sessions, as investors locked in recent profits in the sector ahead of more cues on U.S. interest rates.
The fell 0.1% to 5,117.94 points on Monday, while the fell 0.4% to 16,019.27 points. The closed up 0.1% at 38,769.66 points.
CPI data awaited for rate cut cues
Focus was now squarely on key data for February, due later on Tuesday, which is likely to factor into the Federal Reserve’s outlook on interest rate cuts this year.
The reading is expected to show inflation remaining largely sticky, and well above the Fed’s annual 2% target range.
Tuesday’s inflation reading also comes just days after several Fed officials, chiefly Chair Jerome Powell, warned that the bank’s plans for rate cuts in 2024 will be largely dictated by the path of inflation.
Acadia Pharma plummets in aftermarket trade, Meta recovers
Among other aftermarket movers, ACADIA Pharmaceuticals Inc (NASDAQ:) slid nearly 16% after disappointing top-line results from a phase-3 trial for the treatment of schizophrenia.
Meta Platforms Inc (NASDAQ:) rose 0.9%, recovering mildly from an over 4% tumble in the prior session after former President Donald Trump called Facebook an “enemy of the people.”
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