Midday movers: Apple, Oracle, Zillow rise; Rubrik falls
Investing.com -- U.S. stock futures rose Wednesday following the release of inflation data that showed stable consumer prices in May, paving the way for potential rate cuts from the Federal Reserve later this year. The FOMC will likely leave its main rate unchanged at the conclusion of its policy setting meeting this afternoon. In light of recent data, investors will parse comments from Chairman Jerome Powell for clues about the timing of the expected rate cuts.
Here are some of the biggest U.S. stock movers today:
Apple (NASDAQ: AAPL) stock rose 5%, adding to the previous session’s over 7% gains after the tech giant unveiled long-awaited AI features in its devices. Apple also regained its spot as the world's most valuable company, overtaking Microsoft (NASDAQ: MSFT).
Oracle (NYSE: ORCL) stock rose 11% after the computer technology group announced two new partnerships with ChatGPT-maker OpenAI and Google (NASDAQ: GOOGL) Cloud in a bid to extend the reach of its AI infrastructure, while also unveiling a healthy forecast for revenue growth in its 2025 fiscal year.
GameStop (NYSE: GME) stock rose 6% after the video game retailer said it had completed an equity offering to raise roughly $2.14 billion in gross proceeds.
Nio (NYSE: NIO) ADRs were volatile after the European Union said it would slap higher tariffs on Chinese electric vehicle imports of up to 38%. Shares were flat after falling over 4% pre-open.
Rubrik (NYSE: RBRK) stock fell 6% despite the cloud data management company beating first-quarter consensus for revenue. Expectations for the recent IPO were high.
Paramount Global (NASDAQ: PARA) stock fell after Reuters reported that Shari Redstone, Paramount's largest shareholder, has ended talks with David Ellison's Skydance Media, killing the potential sale of a controlling stake in the media and entertainment giant.
Tesla (NASDAQ: TSLA) stock rose 4%. Barclays analysts noting that the potential failure to approve Elon Musk's compensation plan is "a critical source of downside risk" for the electric vehicle maker.
FedEx (NYSE: FDX) stock was flat after the parcel delivery company announced it is planning to cut between 1,700 and 2,000 back-office jobs in Europe, as it struggles with weak freight demand.
Casey's General Stores (NASDAQ: CASY) stock rose 16% after the retail chain reported 12% growth in net income, helped by the addition of 154 new stores.
Affirm Holdings (NASDAQ: AFRM) rose 9%, adding to yesterday's gain, after telling investors payment products are expected to be available to Apple Pay users in the United States later this year.
Rocket Companies (NYSE: RKT) rose 8% after soft inflation data lifted hopes of lower interest rates, spurring demand for mortgage-related stocks and housing-related stocks like Lennar Corp. (NYSE: LEN), D. R. Horton (NYSE: DHI), Zillow (NASDAQ: Z) and even Home Depot (NYSE: HD).
Additional reporting by Louis Juricic