Oracle stock jumps as S&P 500 closed 0.4% higher, crossing the 6,600 level for the first time

Oracle jumped over 3% on Monday, moving with serious momentum after Donald Trump’s White House confirmed a preliminary TikTok deal was reached during U. S.

-China trade talks in Madrid. The S&P 500 also closed above 6,600 for the first time in history.

The deal isn’t finished, but Treasury Secretary Scott Bessent said the two governments had agreed on a framework, and Trump and Xi Jinping will speak on Friday to finalize it. No American buyer for TikTok has officially been named yet, but Oracle is now seen as the front-runner.

Shares in the company shot up as much as 5% in premarket after Trump posted about the deal on Truth Social, calling the trade meeting “VERY WELL! ” and saying a deal was reached for a “certain” company that “young people in our Country very much wanted to save.

” The stock eased back during the day but still ended up more than 3%. Oracle already holds TikTok’s U.

S. user data Oracle’s connection to TikTok isn’t new.

As Cryptopolitan previously reported , the company already stores American TikTok user data through Project Texas, an arrangement that started around 2022. The app needs to sell to a U.

S. -allied company before September 17 or face a ban.

Trump, now in his second term, said he may push the deadline again. But as it stands, Oracle has both the infrastructure and political backing to close a deal quickly.

The White House had looked at a deal earlier this year where Oracle would run TikTok, reported Politico, though The Information noted that the plan might still give ByteDance, the Chinese parent company, some control. That part of the arrangement hasn’t been made public.

Other bidders include a group of investors led by Frank McCourt Jr. , Microsoft, Mr.

Beast, and Perplexity AI, but none have the existing setup Oracle does. The company’s servers are already doing the work.

That matters more now that Trump is back and pushing for stronger U. S.

control over Chinese apps. The S&P 500 closed 0.

4% higher, crossing the 6,600 level for the first time. The Nasdaq Composite also hit a fresh high, climbing 0.

8%, while the Dow Jones barely moved. Another headline move came from Tesla, which surged 7% after Elon Musk disclosed he bought $1 billion worth of his own company’s stock.

It was his first major open-market purchase since 2020, and the biggest ever. The buy was seen as a signal that Elon is betting on Tesla’s next big shift, from just cars to robotics, as the EV field keeps getting tighter.

Not everyone had a good Monday, though. Nvidia dropped by 1.

8% after China’s regulators accused the company of breaking anti-monopoly laws. The probe is still ongoing.

Traders are, of course, intensely watching the Federal Reserve, which wraps its policy meeting on Wednesday. The latest labor numbers showed weakness, and inflation stayed low, which pushed bets higher that the Fed will cut interest rates.

The CME FedWatch Tool showed the market pricing in a 96% chance of a quarter-point cut, and just a 3. 6% chance of a half-point cut.

But Oracle is still holding investor attention, with its stock up by 81% for the year, riding a cloud forecast that sees revenue climbing to $144 billion by 2030, helped by a $300 billion deal with OpenAI. Oracle has also been central to Trump’s AI plans.

In January, Oracle chairman Larry Ellison stood alongside Sam Altman from OpenAI, Masayoshi Son from SoftBank, and Trump at the Oval Office, where they announced a $500 billion initiative called Stargate. The plan?

Build AI data centers across the U. S.

The project has hit delays, but the intent is still alive. Get $50 free to trade crypto when you sign up to Bybit now