The ISM’s manufacturing index indicates the industry is in a contraction.

With about $95 billion of debt outstanding, Oracle is the biggest corporate issuer outside the financial sector in the Bloomberg high-grade index, and it’s planning another $38 billion debt offering.

“Businesses have so far shielded consumers from much of the increase in costs due to tariffs by absorbing them in margins, but further pass-through seems very likely in the months ahead.”