The S&P 500 rose to a fresh record Wednesday behind a surge in Oracle shares as markets looked ahead to key consumer pricing data expected to influence US interest rate decisions.

The Federal Reserve has been widely expected to cut interest rates at its meeting next week, but there is debate about whether the central bank will signal likely additional cuts in 2025.

The US producer price index (PPI) dipped 0.1 percent on a month-on-month basis, according to Department of Labor data — when analysts had expected a 0.3-percent increase.

The producer data suggests “muted” inflation impact from tariffs and that “businesses are absorbing at least part of tariff costs,” said a note from FHN Financial’s Will Compernolle. “Nothing in today’s data should sway the Fed from cutting rates next week.”

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