A rebound in tech stocks helped the major indexes record their first positive day of September. This week’s inflation data remains the focus, as investors and traders debate whether the Fed will cut 25 or 50 bps next Wednesday. 👀

Today's issue covers Oracle pushing cloud stocks higher, Google investors’ bear market conundrum, and the iPhone problem Apple needs to fix. 📰

Here’s the S&P 500 heatmap. 11 of 11 sectors closed green, with technology (+1.64%) leading and communications (+0.43%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $RBRK, $TIL, $SMMT, $ORCL, $RLAY 📉 $HHH, $NSC, $CENN, $BNGO, $EGIO*

*If you’re a business and want to access this data via our API, email us.

The tech giant is one of the few major earnings reports this year and delivered the goods.

Adjusted earnings per share of $1.39 topped the $1.32 expected, while revenues of $13.31 billion were less than 1% higher than anticipated. 📊

Cloud services and license support revenue rose 10% YoY to $10.52 billion, while the cloud and on-premises license segment rose 7% to $870 million.

Notably, YoY revenue growth from its cloud infrastructure accelerated QoQ from 42% to 45%, with “demand continuing to outstrip supply,” according to management. 😮

Oracle shares were up nearly 10% after the bell to new all-time highs, though the Stocktwits community remains negative, with sentiment in ‘bearish’ territory. Some cited mixed guidance for the current quarter as a reason to be hesitant about this move. 🙃

P.S. In today’s Chart Art newsletter, Stocktwits user @Dr_Stoxx outlined a play in the cloud computing ETF $SKYY that today’s Oracle news could help. 👀

Big tech remains a big focus for investors due to its importance in setting the tone for the major U.S. indexes. And Alphabet remains particularly in the spotlight as it heads into battle vs. the Department of Justice (DOJ), which continues to bring antitrust suits against the company.

It’s only been two months since the stock reached an all-time high, but it has fallen a quick 22% since then. Now, investors are wondering if this is a buying opportunity or the start of major underperformance. 🤔

One of the views technical analysts are using to answer this question is the daily chart going back about three years. Prices are currently attempting to stabilize above their 2021/2022 highs, a trendline from the October 2023 lows, and the 200-day moving average (which we’re now below). 🧐

How prices respond to this confluence of potential support will set the tone for the remainder of the year. If prices break decisively below 140-145, traders and investors will likely step aside and wait for the stock to stabilize before getting active on the long side again. Time will tell. 😬

Apple’s iPhone event came and went, with the company revealing a number of fun new things for consumers…but none enough to move the stock price.

Investors remain focused on the stagnant iPhone revenue growth, which hasn’t made meaningful upward progress since 2021. 📱

Investors had anticipated that AI and improvements to the iPhone 16 could cause the next major ‘upgrade cycle’ and drive growth. But after today’s event, it doesn't feel like there was enough innovation to convince investors that cycle is here.

Stocktwits sentiment is currently in ‘neutral’ territory as investors and traders debate the company's (and the stock’s) future. 😐

Economic data: NFIB Business Optimism Index (6:00 am ET). 📊

Pre-Market Earnings: Academy Sports ($ASO), Cognyte Software ($CGNT), and Dynagas LNG Partners ($DLNG). 🛏️

After-Hour Earnings: GameStop ($GME), Dave & Buster’s Entertainment ($PLAY), and Petco Health & Wellness ($WOOF). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

💡 Want daily stock and options trade ideas for just $20 per year? You need to try MarketDiem*

💵 Boeing offers staff 25% pay hike in bid to avoid strike

⚠️ Air Canada prepares to shut down as talks with pilots union near deadlock

🛻 With pedestrian fatalities mounting, regulators propose tougher vehicle design rules

👨‍💼 Nelson Peltz steps down as chair of Wendy’s board, starting a new era for burger chain

🪫 Battery giant Northvolt to lay off staff in huge cost-cutting drive amid EV market slowdown

🤩 Chart Art: The best trade ideas and analysis from the Stocktwits community

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