Dow down, Nasdaq modestly higher as Oracle lifts tech but Gulf shipping attacks eyed

• Oracle surged 9-14% after beating earnings expectations, with cloud growth accelerating and record sequential cloud dollar additions despite $18.6 billion in capital expenditures
• Oil prices jumped nearly 6% to $88/barrel as the U.S. destroyed 16 Iranian mine-laying vessels and a second ship was struck in the Strait of Hormuz, raising concerns about supply disruptions and broader inflationary impacts on fertilizer and food
• February core CPI rose 0.2% month-over-month and 2.5% year-over-year as expected, but Bank of America noted the Fed's preferred PCE measure appears firmer at 3.1%, weakening the case for near-term rate cuts

Market Summary: Mixed US Equities as Middle East Tensions Drive Oil Surge

Market Performance (March 11, 2026):

US markets closed mixed with the Nasdaq up 0.1% to 22,716 points, the S&P 500 down 0.1% at 6,775 points, and the Dow Jones falling 0.6% to 47,417 points. Crude oil surged nearly 6% to approximately $88 per barrel amid escalating Middle East conflicts.

Key Driver - Oracle:

Oracle Corporation shares jumped 9% following strong Q3 earnings, with cloud growth accelerating materially and capital expenditures reaching $18.6 billion. UBS analysts praised the "relatively clean" results, noting record sequential cloud additions without material bottom-line pressure.

Middle East Crisis:

Shipping attacks in the Strait of Hormuz intensified market volatility. President Trump stated the conflict with Iran will end "soon," after US forces destroyed 16 Iranian mine-laying vessels. A second vessel was struck overnight, forcing crew evacuation. Saudi Arabia intercepted seven drones targeting oil fields. Agricultural commodities responded sharply: cocoa up nearly 20% this month, coffee and wheat both up approximately 5%.

Inflation Data:

February CPI met expectations with headline inflation rising 0.3% month-over-month and 2.4% year-over-year. Core inflation increased 0.2% monthly and 2.5% annually. Bank of America analysts noted the Fed's preferred PCE index appears firmer at 3.1% year-over-year, suggesting limited near-term rate cut prospects given elevated oil price risks.

Other Movers:

Nvidia agreed to invest $2 billion in Nebius Group for AI cloud infrastructure. Fertilizer producers CF Industries and Mosaic Company rallied on Gulf shipping disruption concerns. Defensive stocks including Procter & Gamble and Home Depot underperformed.