Markets Climb Midday as Tech Leads Despite Inflation Concerns

Equity markets moved higher in midday trading on Sept. 11, with falling oil prices helping offset a fresh read of persistent inflation. As of 11:31 AM ET, the S&P 500 had risen 1.06% to 7,672, the Nasdaq Composite advanced 1.31% to 26,423, and the Dow Jones Industrial Average gained 0.95% to trade at 52,560.

The 10-Year Treasury yield slipped to 4.94%, while gold edged up 0.05% to $4,409.40. Nearly every sector posted gains, with technology and communication names at the front of the pack. Healthcare was the lone sector in negative territory.

Enterprise tech in focus

Software heavyweight Oracle (NYSE:ORCL) opened sharply higher after reporting a fiscal first-quarter result that topped expectations and raising its profit outlook. Shares later gave back part of the early advance but remained up 2.9% at $158.77, compared with a previous close of $154.30. The company’s market cap stood at roughly $415.5 billion.

Networking specialist Arista Networks (NYSE:ANET) climbed 4.79% to $198.15 from a prior close of $189.10, lifting its market cap to approximately $239.9 billion. The move followed comments from management at the Citi Global TMT Conference, where executives emphasized continued strength in demand for its data center and AI-oriented networking products.

Hewlett Packard Enterprise (NYSE:HPE) drew investor attention amid the broader reassessment of tech valuations, though its shares sat at $52.00, down 2.96% from a previous close of $53.59. The server and hybrid cloud infrastructure maker carries a market cap of about $63.7 billion.

Macro backdrop

Thursday’s session presented investors with a familiar tension: inflation data that remains stickier than desired, countered by easing energy costs. Lower oil prices tend to relieve pressure on input costs and consumer spending, which appeared to support the risk-on tone across most of the market through midday.

Treasury yields easing back toward the 4.94% level also provided a calmer backdrop for growth-oriented technology shares, which are typically sensitive to shifts in interest-rate expectations.

What to watch

• Oracle’s guidance revision and how the market digests its updated profit outlook in coming sessions.
• Further commentary from executives at industry conferences, including follow-ups from Arista’s Citi Global TMT appearance.
• Upcoming inflation prints and oil price trends heading into the next round of major tech earnings.

Source: original release