Meanwhile, wholesale inflation unexpectedly declined last month, bolstering the case for the Federal Reserve to cut rates next week. Oracle stunned Wall Street as its CEO said its cloud revenue will skyrocket thanks to a big jump in bookings from the "who's who of AI.

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Shares of Uber Technologies Inc. rose 3.70% to $94.36 Monday, on what proved to be an all-around favorable trading session for the stock market, with the NASDAQ Composite Index rising 0.45% to 21,798.

U.S. stock futures were mixed before a report on producer prices Wednesday, a day after major indexes set fresh all-time closing highs, while shares of Oracle soared as the firm lifted its outlook for cloud infrastructure sales on booming AI demand.

The next few weeks will give Wall Street a clear reading on whether this latest stock market rally will continue — or if it’s doomed to get derailed.

Shares of ad-tech leader Trade Desk are trading lower Wednesday. Morgan Stanley downgraded the stock to'Equal-Weight from Overweight.

There's a massive disconnect between different indicators of the economy's health: economic indicators are waving red flags about employment and inflation, while financial markets are surging, seeing nothing but green.