Kim Kahn

Core CPI is expected to rise 0.2% on the month, with the yearly rate holding at 2.5.

Economists at Wells Fargo say energy is set to reassert upward pressure on overall prices as oil and gasoline were already rising in anticipation of conflict in the Middle East.

Softer food inflation should provide a partial offset, with grocery prices due for a modest decline in February.

They add that the core rate will see some payback in services after outsized increases in travel and medical care in January, while core goods inflation likely firmed, reflecting higher used vehicle prices and ongoing tariff pass-through.

The earnings calendar continues to thin out, with just four S&P companies reporting this week, but Oracle will generate plenty of buzz on Tuesday as the canary in the coal mine for hyperscaler CapEx concerns.

Consensus calls for EPS of $170 on $16.91 billion in revenue.

Analysts expect investors to focus on Oracle Cloud infrastructure revenue growth and outlook.

SA analyst Amrita Roy says Oracle has likely found a bottom after a significant underperformance tied to AI CapEx skepticism and free cash flow worries, especially given its backlog concentration towards open AI.

She recommends buying ahead of earnings, calling the valuation compelling.

Also on the earnings calendar, Hewlett Packard Enterprise reports Monday, and on Thursday we hear from Adobe, Dick's Sporting Goods, Lenar, and Ulta Beauty.

Also in the news this weekend, Novo Nordisk plans to sell its obesity drugs on the telehealth platform run by Hims and Hers Health as part of a new partnership between the two firms, according to Bloomberg.

A similar deal fell apart back in June after Hims refused to discontinue sales of low-cost compounded versions of Novo's semaglutide therapy, even after the GLP-1 was no longer in shortage in the U.S.

That's all for today's Wall Street Brunch.

Look for links to stories in the show notes section.

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Today is Thursday, March 5th, and I'm your host, Kim Kahn.

Our top story so far.

Oil keeps rallying as the U.S.-Israel war on Iran enters its sixth day, with global supply threatened by attacks on critical infrastructure, and shipping traffic through the Strait of Hormuz almost fully stopped.