Major US indices gained 1% as markets priced in a likely Fed rate hike following August CPI data, while Oracle shares rallied on robust cloud performance.
Oracle shares gained on strong cloud infrastructure sales growth of 121%.
Dow Jones Industrial Average climbed roughly 1% despite sticky CPI data.
S&P 500 rose about 1% as investors digested inflation and rate hike expectations.
Nasdaq Composite gained roughly 1% on Friday.
Brent crude futures pulled back 3% to $104 but remained up 20% over the past month.
WTI crude prices remained elevated due Middle East supply concerns despite a daily pullback.
Nvidia CEO Jensen Huang reiterated a $3-4 trillion AI market forecast by 2030.
US equities rebounded on Friday, with the Dow, S&P 500, and Nasdaq each climbing roughly 1% despite August CPI data showing persistent inflation. The report, which showed a 3.4% annual price increase, solidified market expectations for a 25-basis-point interest rate hike at next week's FOMC meeting. Meanwhile, Oracle shares surged following strong cloud infrastructure growth, and energy markets remained volatile as diesel prices hit record highs.
The report showed inflation at 3.4% annually, which was in line with expectations but remains elevated. This data prompted traders to increase the probability of a 25-basis-point rate hike at the upcoming FOMC meeting to 86%.
Oracle shares gained over 2% after the company reported strong quarterly results, specifically highlighting a 121% increase in cloud infrastructure sales to $7.4 billion.