The world of finance rarely sleeps, and tonight is no exception. Stock futures were little changed on Wednesday night, following a fresh record close for the S&P 500. Traders are bracing for Thursday morning’s Consumer Price Index (CPI) release a report that could either confirm the market’s optimism or send investors scrambling. In moments like these, the futures market often feels like the calm before the storm.

S&P 500 Futures Flat as Wall Street Waits

• S&P 500 futures traded near flat after two straight record highs.
• Nasdaq 100 futures ticked up 0.1%, showing cautious optimism.
• Dow Jones futures gained 35 points, or 0.08%, after a choppy day that saw the index fall more than 200 points.

This stability reflects a market in “pause mode,” waiting for a major catalyst.

Oracle’s Stunning Rally Lifts Tech Optimism

If you think AI is yesterday’s buzzword, Oracle just proved otherwise.

• Oracle stock jumped 36% in one session, its best day since 1992.
• The surge added a whopping $244 billion in market value.
• Investors cheered the company’s growth outlook for its cloud business, calling it a “signal moment” for AI-related equities.

It wasn’t just Oracle Broadcom, AMD, and Micron also saw gains, showing that the AI trade is alive and well.

“Oracle’s results show how quickly the AI ecosystem is expanding,” said Julien Lafargue, Chief Market Strategist at Barclays Private Bank.

Inflation Data Looms Large

The main event comes Thursday at 8:30 a.m. ET. Economists polled by Dow Jones expect:

• CPI to rise 0.3% month-over-month, a sign of modest but persistent inflation.
• Annual CPI at 2.9%, keeping inflation below 3% for the first time in years.
• Core CPI (excluding food and energy) to increase 3.1% year-over-year.

This follows last week’s Producer Price Index (PPI), which surprised markets by falling 0.1% month-over-month.

Lafargue added:

“The PPI’s signal is hard to ignore. Unless CPI delivers a significant upside shock, investors are likely to maintain their dovish outlook.”

Stocks Moving After Hours

Some notable movers:

• Oxford Industries surged 14.7% after beating earnings estimates, despite softer revenue guidance.
• Alibaba fell 2% after announcing a $3.2 billion convertible notes offering.

What Else to Watch Thursday

• Jobless claims data, offering fresh insight into labor market resilience.
• Federal budget numbers, often overlooked but vital for bond traders.
• Earnings: Kroger reports before the bell, Adobe after the close.

Markets are calm for now, but that could change in a flash once the CPI numbers drop. Traders, analysts, and everyday investors alike will be watching closely. Whether you’re riding Oracle’s AI wave or nervously eyeing inflation, Thursday promises to be a pivotal day.