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Oracle Misses in Q3, Gains +22% - Plus Jobs Revisions & More
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Key Takeaways
Most Market Indexes Climb Again; Nasdaq Sets New Closing High
Oracle Sees Big Business in Cloud Infrastructure
Jobs Revisions of -911K Display a Far Weaker U.S. Labor Force
Tuesday, September 9, 2025
A series of big events today, on what had been expected to be fairly mild in actionable market news, actually kicked off late yesterday with news that Amsterdam-based GPU creator Nebius (NBIS - Free Report) is engaging in an AI infrastructure deal with Microsoft (MSFT - Free Report) worth $17.4 billion through 2031. Shares of the former spinoff from Russian tech giant Yandex shot up +49% today.
UnitedHealth (UNH - Free Report) was the Dow’s biggest mover today, +8.5%, on news that 78% of its Medicare Advantage enrollees should qualify for bonus payments from the federal government. These include plans rated 4-stars or higher. UNH shares remain down -31% year to date.
Apple’s (AAPL - Free Report) iPhone 17 event — today’s unveiling of the slimmer iPhone Air model — failed to prod investors toward buying the stock. Though the sleek design may be a selling point for some customers, the lack of any major enhancements with AI technology, etc. Shares of AAPL were down -1.5% today, even as the Nasdaq closed at new all-time high.
The Dow finished the day up +196 points, +0.43%, while the S&P 500 gained +17 points, +0.27%. The Nasdaq’s record day took it to 21,879, up +80 points on the session, +0.37%. The small-cap Russell 2000 was the only major index to give back recent gains today: -13 points or -0.55%.
Oracle Misses in Q3, Stock Shoots Up +22%
After today’s close, Oracle (ORCL - Free Report) reported lackluster earnings in its fiscal Q3 report today: earnings of $1.47 per share just met the Zacks consensus, while revenues of $14.93 billion missed expectations of $15.01 billion. Yet shares have zoomed ahead +22% upon the release as its cloud revenue growth has gone into a new orbit.
Without getting too deep into the weeds, Oracle services excess cloud demand for other Big Tech players, such as Microsoft, Amazon, Google, etc. And business has been booming: Cloud Infrastructure grew +55% year over year to $3.3 billion, Remaining Performance Obligations (RPO) backlog gained +359%, and Multi-cloud Database Revenue expanded +1529% from a year ago. These aren’t the high-margin businesses that serve organic Oracle customers, but it’s hard to argue with +1500% growth.
New Jobs Revisions Drop -911K in a Year
Last year, when 12-month revisions to employment numbers from the U.S. Bureau of Labor Statistics (BLS) came out, it demonstrated a massive disconnect with initial job reportage, to the tune of -818K. (This was subsequently revised to -598K at a later date.) It turns out this extraordinarily high number was not a one-off: today’s 12-month BLS revision was -911K — the largest such revision ever.
This accounted for the year from April 2024 through March 2025, which saw the highest number of jobs reduced per sector in the Leisure & Hospitality space, -176K. Professional/Business Services dialed back job gains by -158K for that time period, Trade Retail subtracted -126K and Trade Wholesale shed -110K. Trade/Transportation/Utilities grew +6600 jobs and Utilities gained +3700 on the revision.
These revisions depict the antiquated method of telephone surveys to gather jobs data. Last month, President Trump fired the Director of BLS because he said the jobs numbers were “rigged.” The White House doubled-down on this sentiment following the data’s release today without mentioning that jobs numbers since March of this year have taken yet another step lower. Trump’s choice to take over as BLS Director is E.J. Antoni, who hails from the right-wing think tank The Heritage Foundation.
What to Expect from the Stock Market Tomorrow
The big report we are looking at Wednesday morning is the August Producer Price Index (PPI) — the wholesale side of inflation in the U.S. economy. Headline PPI month over month is expected to come way down to +0.3% from +0.9% reported in July. On core (subtracting volatile food and energy prices) we’re also looking for +0.3% month over month, down from +0.6% the previous month.
Year over year PPI was getting heated up in July: +3.3%, +2.8% on core. With these monthly figures likely to cool, perhaps we’ll see some relief on these year-over-year numbers as well. But 3% PPI inflation is as good a reason as any for the Fed not to have begun making interest rate cuts yet this year. These numbers cooling tomorrow would go a long way to assuage the Fed’s fears.
We can already see there is good reason to cut rates with jobs production now averaging just +70K per month. (And that doesn’t count August’s +22K and June’s -13K.) These levels do not likely cover the number of retirees among the U.S. labor force per month, to say nothing of the effects that ICE raids are having on domestic employment. The Fed meets on monetary policy a week from today, with a new interest rate level reporting next Wednesday at 2pm ET.
Image: Bigstock
Oracle Misses in Q3, Gains +22% - Plus Jobs Revisions & More
Key Takeaways
Tuesday, September 9, 2025
A series of big events today, on what had been expected to be fairly mild in actionable market news, actually kicked off late yesterday with news that Amsterdam-based GPU creator Nebius (NBIS - Free Report) is engaging in an AI infrastructure deal with Microsoft (MSFT - Free Report) worth $17.4 billion through 2031. Shares of the former spinoff from Russian tech giant Yandex shot up +49% today.
UnitedHealth (UNH - Free Report) was the Dow’s biggest mover today, +8.5%, on news that 78% of its Medicare Advantage enrollees should qualify for bonus payments from the federal government. These include plans rated 4-stars or higher. UNH shares remain down -31% year to date.
Apple’s (AAPL - Free Report) iPhone 17 event — today’s unveiling of the slimmer iPhone Air model — failed to prod investors toward buying the stock. Though the sleek design may be a selling point for some customers, the lack of any major enhancements with AI technology, etc. Shares of AAPL were down -1.5% today, even as the Nasdaq closed at new all-time high.
The Dow finished the day up +196 points, +0.43%, while the S&P 500 gained +17 points, +0.27%. The Nasdaq’s record day took it to 21,879, up +80 points on the session, +0.37%. The small-cap Russell 2000 was the only major index to give back recent gains today: -13 points or -0.55%.
Oracle Misses in Q3, Stock Shoots Up +22%
After today’s close, Oracle (ORCL - Free Report) reported lackluster earnings in its fiscal Q3 report today: earnings of $1.47 per share just met the Zacks consensus, while revenues of $14.93 billion missed expectations of $15.01 billion. Yet shares have zoomed ahead +22% upon the release as its cloud revenue growth has gone into a new orbit.
Without getting too deep into the weeds, Oracle services excess cloud demand for other Big Tech players, such as Microsoft, Amazon, Google, etc. And business has been booming: Cloud Infrastructure grew +55% year over year to $3.3 billion, Remaining Performance Obligations (RPO) backlog gained +359%, and Multi-cloud Database Revenue expanded +1529% from a year ago. These aren’t the high-margin businesses that serve organic Oracle customers, but it’s hard to argue with +1500% growth.
New Jobs Revisions Drop -911K in a Year
Last year, when 12-month revisions to employment numbers from the U.S. Bureau of Labor Statistics (BLS) came out, it demonstrated a massive disconnect with initial job reportage, to the tune of -818K. (This was subsequently revised to -598K at a later date.) It turns out this extraordinarily high number was not a one-off: today’s 12-month BLS revision was -911K — the largest such revision ever.
This accounted for the year from April 2024 through March 2025, which saw the highest number of jobs reduced per sector in the Leisure & Hospitality space, -176K. Professional/Business Services dialed back job gains by -158K for that time period, Trade Retail subtracted -126K and Trade Wholesale shed -110K. Trade/Transportation/Utilities grew +6600 jobs and Utilities gained +3700 on the revision.
These revisions depict the antiquated method of telephone surveys to gather jobs data. Last month, President Trump fired the Director of BLS because he said the jobs numbers were “rigged.” The White House doubled-down on this sentiment following the data’s release today without mentioning that jobs numbers since March of this year have taken yet another step lower. Trump’s choice to take over as BLS Director is E.J. Antoni, who hails from the right-wing think tank The Heritage Foundation.
What to Expect from the Stock Market Tomorrow
The big report we are looking at Wednesday morning is the August Producer Price Index (PPI) — the wholesale side of inflation in the U.S. economy. Headline PPI month over month is expected to come way down to +0.3% from +0.9% reported in July. On core (subtracting volatile food and energy prices) we’re also looking for +0.3% month over month, down from +0.6% the previous month.
Year over year PPI was getting heated up in July: +3.3%, +2.8% on core. With these monthly figures likely to cool, perhaps we’ll see some relief on these year-over-year numbers as well. But 3% PPI inflation is as good a reason as any for the Fed not to have begun making interest rate cuts yet this year. These numbers cooling tomorrow would go a long way to assuage the Fed’s fears.
We can already see there is good reason to cut rates with jobs production now averaging just +70K per month. (And that doesn’t count August’s +22K and June’s -13K.) These levels do not likely cover the number of retirees among the U.S. labor force per month, to say nothing of the effects that ICE raids are having on domestic employment. The Fed meets on monetary policy a week from today, with a new interest rate level reporting next Wednesday at 2pm ET.
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