Market Highlights: Nasdaq soars and S&P 500 hits record; Ellison climbs rich ladder on Oracle’s AI plans

ASX set to rise as US stocks hit new highs
S&P 500 reaches record 39th high amid rate cut optimism
Larry Ellison becomes second-richest person after Oracle surges 20pc this month

The ASX is set to extend gains when the market opens on Friday after US stocks hit new highs. At 8am AEST, the SPI ASX200 futures contract was pointing up by 0.4%.

US stocks rallied as the Fed’s 50 bp rate cut yesterday boosted hopes of the US avoiding a recession.

Overnight, the S&P 500 jumped 1.7% to 5,713 points, marking its 39th record this year and bringing its total rise to around 20%.

Solita Marcelli from UBS believes the S&P 500 could hit 5,900 by year-end and reach 6,200 by mid-2025.

“And within tech, we expect AI to be a key driver of equity market returns over the coming years and recommend strategic exposure to this theme,” she said.

“Investors may use tech sector volatility, which could rise in the months ahead on cyclical and geopolitical risks, to build up long-term exposure to AI at more favourable prices.”

Tech stocks led the way last night, with the Nasdaq surging by 2.5%, and small-cap stocks on the Russell 2000 were up by 2%.

Traders were also gearing up for the “triple witching” event later tonight, when a significant amount of stock options and futures expire simultaneously—about US$5.1 trillion worth. This can sometimes lead to increased market volatility.

Across the Atlantic, the Bank of England has decided to keep interest rates unchanged, with the board voting eight to one in favour of maintaining the rate at 5%.

Looking at stocks, the “Mag Seven” group gained, with Nvidia rising by nearly 4%, Tesla climbing over 7%, and Apple increasing by more than 3%.

Housing stocks, banking stocks, as well as consumer packaged goods stocks like Procter & Gamble and PepsiCo also gained.

FedEx Corp slumped by 11% post-market after cutting the upper range of its full-year profit guidance and posting quarterly earnings that fell short of expectations due to weaker demand for package deliveries.

To crypto, Bitcoin soared over 6% in the past 24 hours, crossing the US$63,000 mark per token before paring gains.

Year-to-date, Bitcoin has risen more than 40%, although there’s been a lot of volatility in the coin since reaching its all-time high of over US$73,000 in mid-March.

Gold futures rose to just over US$2,600 an ounce before retreating to around US$2,586.

Analysts at Goldman Sachs predict that gold prices could reach US$2,700 by early next year, as investors often turn to physical gold-backed exchange-traded funds (ETFs) when the Fed lowers rates.

Larry Ellison quietly becomes second-richest man

Meanwhile, Larry Ellison, the Chairman of Oracle, has just become the second-richest person in the world, boasting a net worth of US$206 billion.

He’s taken the title from Amazon founder Jeff Bezos, who had held it on and off since 2016.

Shares of Oracle have surged by 20% this September, setting them up for their best month since October 2022.

Jeff Bezos is now worth US$203 billion, while Tesla’s CEO Elon Musk tops the list with US$251 billion.

Oracle’s recent stock success can be attributed to its strong earnings report last week, where revenue guidance for 2026 was raised.

The company’s performance has been particularly strong due to its involvement in the booming AI sector.

During the earnings call, Ellison talked about Oracle’s plans to build various data centres to meet the growing demand for generative AI.

He mentioned they are constructing everything from small, portable data centres, to massive 200-megawatt facilities designed for training large language models.

To other markets …

Gold price rebounded by 1% to US$2,587.30 an ounce.

Oil prices climbed by 1.5% , with Brent crude now trading at US$74.89 a barrel.

The benchmark 10-year US Treasury yield was 1 basis point higher (bond prices lower) to 3.71%.

The Aussie dollar jumped by 0.7% to US68.12 cents.

Bitcoin meanwhile was up 5% in the past 24 hours to US$63,024, and Ethereum rose by 5% to US$2,472.

Meanwhile, iron ore surged by 2% to $US92.70 a tonne.

5 ASX small caps to watch today

Dreadnought Resources (ASX:DRE)
Dreadnought has reported promising results from its drilling program at the Gifford Creek Carbonatite in WA. Recent assays from 19 holes showed significant niobium mineralisation, particularly at the Stinger and Rocky Road zones, with notable intercepts like 50 metres at 0.9% Nb2O5. The company confirmed thick oxide mineralisation over about 1 kilometre at the Stinger zone, with more results expected in October. CEO Dean Tuck said that Gifford Creek is producing some of the best niobium intercepts in WA, and the project is gaining recognition as a critical minerals hub.

Amplia Therapeutics (ASX:ATX)
Amplia has received Fast Track Designation from the US FDA for its drug narmafotinib, a treatment for advanced pancreatic cancer. This designation helps speed up the development of the promising drug, and will also mean Amplia can have more frequent communications with the FDA, which could lead to accelerated approval in the future. Meanwhile, the ongoing ACCENT trial for narmafotinib is taking place in Australia and South Korea, and the company is also planning a trial in the US after receiving clearance for its application earlier this year.

ioneer (ASX:INR)
ioneer has taken a significant step forward for its Rhyolite Ridge Lithium-Boron Project by completing a major federal permitting requirement. The Bureau of Land Management has published the project’s Final Environmental Impact Statement (EIS), marking it as the first lithium project to reach this advanced stage under the Biden Administration. This project aims to increase the US lithium supply, reducing reliance on foreign sources and supporting the electric vehicle battery industry. The US Fish and Wildlife Service has also confirmed the project will not threaten the Tiehm’s buckwheat plant or its habitat. Following a 30-day waiting period, the company hopes to receive a Record of Decision to proceed with construction.

Provaris Energy (ASX:PV1)
Provaris is making progress on its prototype tank restart program at the Fiskå Facility in Norway. The company has submitted a conditional offer to buy the production cell, which includes essential materials and equipment for completing and testing the prototype tank. They have also agreed on key terms for a lease of about 2,000 square metres of the Fiskå Facility. Also, Provaris is strengthening collaborations with major European energy companies, with meetings and site visits planned in Norway this month.

Westar Resources (ASX:WSR)
Westar has completed its field program at the Mindoolah Gold Mining Centre, located 70km from Cue, WA. The team successfully mapped open pits and focused on quartz veins, which could indicate gold mineralisation. Samples have been collected and results are expected in about 4-5 weeks, while the approval process for the drilling program is also underway.
And, in a strategic move to streamline operations, the company has divested two non-core projects, Winjangoo and Parker Dome, redirecting resources to focus on more promising targets at Mindoolah and Gidgee North. Westar is also actively looking for advanced gold or copper projects in supportive areas.