The Nasdaq Composite fell Tuesday after Oracle shares plunged on disappointing results, and tech stocks came under pressure.
The Nasdaq slid 1.04% to 13,773.61 in its first losing day in three. The S&P 500 dropped 0.57% to 4,461.90. Meanwhile, the Dow Jones Industrial Average declined 17.73 points, or 0.05%, to 34,645.99.
Oracle shares posted their worst day since 2002. The software stock was the worst performer in the S&P 500, sliding 13.5% after sales last quarter fell short of estimates and the company’s revenue forecast also disappointed. Oracle posted its fiscal first-quarter results late Monday. Other cloud competitors — including Amazon, Google-parent Alphabet and Microsoft — also slid.
“Oracle, which isn’t a super large stock, but it is a look into the spending of businesses — and larger businesses at that — disappointed today, and that’s one of the factors that are suppressing both the NASDAQ and the S&P,” said Kim Forrest, founder at Bokeh Capital Partners.
Apple shares were lower by 1.7% after the unveiling of a new iPhone model this afternoon. Meanwhile, Adobe shares also dropped about 4% ahead of the company’s earnings results this week.
Elsewhere, U.S. crude prices touched the highest level since November of last year as OPEC on Tuesday kept to a robust demand growth forecast this year and next. West Texas Intermediate crude oil futures settled at $88.84 a barrel. That’s up from around $66 a barrel in March. Energy stocks got a boost. Shares of Chevron and Exxon Mobil were each higher by about 1.9% and 2.9%, respectively.
Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday. The European Central Bank is also set to announce its latest interest rate decision Thursday.