The stock market closed lower on Tuesday as investors awaited key reports on inflation and the economy. The S&P 500 fell 0.6%, or 25.56 points, to 4,461.90. The Dow Jones Industrial Average slipped 0.1%, or 17.73 points, to 34,645.99. The Nasdaq composite dropped by 1%, or 144.28 points, to 13,773.61. Oracle, a major software giant, had a negative impact on tech stocks after reporting lower-than-expected revenue for the latest quarter, leading to a 14% drop in its stock price. Despite exceeding profit expectations, Oracle’s weaker revenue forecast for the current quarter disappointed some analysts.(AP)
Oracle’s revenue forecast for the current quarter was not as strong as anticipated, despite increased customer sign-ups due to the artificial intelligence technology boom. Following its recent unveiling of new phone models and devices, Apple saw a 1.7% decrease in its stock price. Apple’s stock had been performing well throughout the year, as it is the most valuable company on Wall Street and holds significant influence over the S&P 500. However, Apple has been struggling since July, reporting three consecutive quarters of declining revenue compared to the previous year.
In other news, Alphabet, the parent company of Google, saw a 1.2% decrease in its stock price as an antitrust trial against Google began in federal court. This trial is the largest of its kind since Microsoft’s antitrust case in 1998. The US government alleges that Google has abused its dominant position as a search engine, resulting in consumers settling for subpar search results. On a positive note, stocks of oil producers saw gains as crude oil prices increased. Exxon Mobil rose by 2.9% and had the strongest positive impact on the S&P 500. Occidental Petroleum gained 4.1%. After a year of mostly declining prices, oil prices have been on the rise since June. On Tuesday, US crude oil increased by 1.9% to $88.94 per barrel, while Brent crude, the international standard, rose 1.6% to $92.06 per barrel. (Read more stock market stories.)
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