US indices rise amid technical sector rally following Oracle shares

US indices rise amid technical sector rally following Oracle shares

US indices rise amid technical sector rally following Oracle shares

(Reuters) – US stock markets are up on Friday after a decline in the previous session, shares of the tech sector are more expensive after strong quarterly reports from Oracle.

Oracle shares rose 3.1% as the company beat analysts' quarterly results, driven by increased demand from customers who switched to telecommuting.

Also on Friday, market participants are evaluating the data on inflation in the US. Consumer prices rose 0.4% month-on-month in August, while analysts had forecast a 0.3% rise.

By 18:07 Moscow time, the Dow Jones index rose 0.94% to 27,792.34 points, the S&P 500 index added 0.76% to 3.364.59 points, and the Nasdaq rose 0.69% to 10,995.47 points.

Major stock indices end the week in the red due to fears of active acquisition of call options by traders on shares of companies in the tech sector.

Nonetheless, many investors see the decline as normal consolidation after an impressive five-month rally in the S&P 500, which was fueled by the rise in the value of a small number of IT giants and the fiscal and monetary stimulus measures.

Tesla rose 0.2% after sources said the company plans to export Chinese-made Model 3 vehicles to Asian and European markets.

Peloton Interactive Inc gained 2.8% after the company reported better-than-expected revenue from a surge in subscribers amid the pandemic and demand for fitness products.

(Medha Singh and Devik Jain in Bangalore. Translated by Vladimir Sadykov. Editor Maxim Rodionov)

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