"U.S. Stocks" Oracle closed up 36%, helping its founder win over Musk to become the world's richest person, S&P 500 hits a new high for the second day

In August, the U.S. wholesale price index (PPI) unexpectedly fell, fueling market hopes for another interest rate cut by the Federal Reserve next week. The S&P 500 index and the Nasdaq both reached historic highs, while the Dow Jones was dragged down by Apple (AAPL.US) and Amazon (AMZN.US). The S&P 500 index rose by 19 points or 0.3% to 6,532 points, and the Nasdaq increased by 6 points to 21,886 points; however, the Dow fell by 220 points or 0.5% to 45,490 points.

Oracle (ORCL.US) saw a surge in demand for cloud computing, with its stock soaring 36%, marking its best single-day performance since 1992, adding $244 billion to its market capitalization, which reached $922 billion. Oracle's founder, Larry Ellison, saw his net worth increase by $100 billion on Wednesday, with Bloomberg reporting that his wealth has surpassed that of Tesla (TSLA.US) founder Elon Musk, making him the world's richest person.

Most tech stocks eventually gave back their gains during the session, but several AI concept stocks performed outstandingly. Chip giants NVIDIA (NVDA.US) and AMD (AMD.US) saw their stock prices rise by approximately 4% and 2%, respectively.

Apple's new iPhone launch event received a lukewarm response, with its stock price and Amazon both falling by more than 3%