Tuesday's Pre-Market: Oracle earnings, upcoming inflation reading, OpenAI vs Elon Musk, Reddit's IPO, and Trump on crypto

Oracle shares soar 13% on better-than-expected quarterly earnings

• Oracle reported an earnings beat in its quarterly results.

• However, revenue came in a bit light of expectations.

• The company’s cloud services and license support segment, its largest business, saw a 12% increase in revenue.

A key inflation reading is due out Tuesday morning. Here’s what to expect

• The Labor Department’s Bureau of Labor Statistics releases its latest reading on the consumer price index on Tuesday at 8:30 a.m. ET.

• Excluding food and energy, the increase for core inflation is forecast at a 0.3% gain, also one-tenth of a percentage point above the previous month.

• Inflation’s resilience almost certainly will assure no Fed rate cuts at its meeting on April 30 to May 1, and possibly into the summer.

OpenAI denies Elon Musk lawsuit claim that there ever was founding agreement

• OpenAI said in a legal filing that despite Elon Musk’s claims, there never was a “founding agreement” over nonprofit status and not keeping source code private.

• The Microsoft-backed company called Musk’s case frivolous and said Musk himself supported a for-profit structure for OpenAI.

Reddit targets valuation of close to $6.5 billion in upcoming IPO

• Reddit and selling shareholders aim to raise about $750 million as part of the company’s upcoming IPO, according to a corporate filing on Monday.

• The company and some existing stakeholders plan to sell about 22 million shares in the range of $31 to $34 per share.

• Investors are closely watching Reddit’s IPO, which will be this year’s first major tech debut and the first social media IPO since Pinterest went public in 2019.

Trump suggests he would not crack down on bitcoin, other cryptocurrencies as president

• Donald Trump suggested that if he were elected president again, his administration would not crack down on the use of bitcoin or other cryptocurrencies through regulatory authority.

• The Republican said when he recently launched a line of Trump-branded sneakers, “I noticed that so many of them were paid for with this new currency.”

• Trump said he did not own any bitcoin himself.