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U.S. stocks are falling after Oracle disappointed; inflation data in view

Published Sep 11, 2023 07:08PM ET Updated Sep 12, 2023 11:16AM ET
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Investing.com -- U.S. stocks are falling early Tuesday after Oracle's outlook disappointed investors. Next up is August's inflation reading, a report due out Wednesday that could be a factor in the Federal Reserve's decision about interest rates later this month.

At 11:15 ET (15:15 GMT), the Dow Jones Industrial Average fell 29 points or 0.1%, while the S&P 500 fell 0.5%, and the NASDAQ Composite fell 0.8%.

The three major Wall Street indices closed higher Monday, with the tech-heavy Nasdaq leading the way, gaining 1.1%, as Tesla (NASDAQ:TSLA) surged on optimism around artificial intelligence. The blue-chip Dow ended 0.3% higher and the broad-based S&P rose 0.7%.

Weak Oracle guidance weighs 

This positive tone has disappeared Tuesday, after Oracle (NYSE:ORCL) offered up disappointing current-quarter revenue guidance after the close Monday as a tough economy pressured cloud spending by businesses.

The computer software company forecast second-quarter revenue growth of between 5% and 7%, lower than analysts' average estimate of 8.2%, causing its stock to slump 11.7%.

After a surge in cloud demand during the pandemic, businesses are rethinking their digitization plans, hurting Oracle as it plays catch-up in a segment dominated by larger rivals. 

Apple’s “Wonderlust” eyed for iPhone news

Elsewhere, Apple (NASDAQ:AAPL) will also be in the spotlight as the world’s most valuable company hosts its annual fall hardware update in California later in the session, dubbed “Wonderlust” this year.

The tech giant is widely expected to unveil its new iPhone 15, complete with new features and perhaps a slightly higher price on the Pro models than the previous model.

Despite a dip in iPhone revenues in Apple's most recent quarter, the smartphone remains massively important, making up about half of the firm's total sales.

U.S. inflation to drive sentiment

Tuesday’s economic data featured the NFIB small business optimism reading for August, which deteriorated slightly to 91.3 from July’s 91.9. This was the index's first fall in four months.

However, most attention this week will be on Wednesday’s release of the consumer price index for August, amid concerns that higher energy cost pressures could result in an upward surprise.

The Federal Reserve is widely expected to pause raising interest rates this month, but policymakers have been keen of late to warn that it was still too early to declare victory over inflation.

Crude gains ahead of OPEC report

Oil prices rose Tuesday, maintaining the recent positive tone generated by Saudi Arabia and Russia extending their voluntary supply cuts to the end of the year.

Traders are keenly awaiting a monthly report from the Organization of Petroleum Exporting Countries, due later in the day, especially for forecasts of Chinese demand, amid dwindling bets that the country will drive oil demand to record highs this year. 

Industry data on U.S. crude stocks from the American Petroleum Institute are due later in the session, and are expected to continue the recent run of draws.

(Peter Nurse and Oliver Gray contributed to this item.)

 

U.S. stocks are falling after Oracle disappointed; inflation data in view
 

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Comments (14)
Weeping Angel
Weeping Angel Sep 12, 2023 2:28PM ET
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The data will come tomorrow and it will pump because stonks only go up in this corrupt market which is not based on any fundamental reality only fraud
First Last
First Last Sep 12, 2023 2:28PM ET
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"it will pump because stonks only go up"  --  Then we should go bullish.
First Last
First Last Sep 12, 2023 2:28PM ET
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That didn't age well  ;-)
Ah Ny Zin
Ah Ny Zin Sep 12, 2023 1:42PM ET
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wow
Mitchel Pioneer
Mitchel Pioneer Sep 12, 2023 1:35PM ET
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Another criminality manufactured intraday “recovery” for the BIGGEST INVESTMENT JOKE IN THE WORLD.
Ronald Warren
Ronald Warren Sep 12, 2023 1:27PM ET
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Interesting day. Witnessing the Apple Pump. However, Apple is selling. No horse pucky to smell here.
First Last
First Last Sep 12, 2023 1:27PM ET
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"Apple Pump" ... "Apple is selling"  --  Contradiction there.
Ronald Warren
Ronald Warren Sep 12, 2023 1:27PM ET
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First Last The market was already primed to kick in with an apple pump resulting from their tech event. Some analysts have been beating the drum with anticipation and inciting a buying spree.
Warm Camp
Warm Camp Sep 12, 2023 1:05PM ET
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Russell is positive and oil rally continues, while AI monsters digest past gains and subside a bit. The market is ok.
dylan mulvaney
dylan mulvaney Sep 12, 2023 12:50PM ET
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"Bidenomics", putting over 1 out of every 10 people in the US into poverty! "US official poverty rate was 11.5% in 2022, Census Bureau says"
Mitchel Pioneer
Mitchel Pioneer Sep 12, 2023 12:36PM ET
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10AM sharp, and the flagrant manipulation kicks off with the predictability of the rising tide. BIGGEST INVESTMENT JOKE IN THE WORLD.
Martin Babei
Martin Babei Sep 12, 2023 12:14PM ET
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You can only loose in the current market. Still don’t know why everyone is so bullish. Overhyped and all the odds against. Crash will follow suit
First Last
First Last Sep 12, 2023 12:14PM ET
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Don't be a sore loser.
First Last
First Last Sep 12, 2023 12:14PM ET
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Don't be a sore loser.
dylan mulvaney
dylan mulvaney Sep 12, 2023 11:23AM ET
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Thanks to Bidenomics, the average US household pays over $6,000 per year for the same products/services compared to a year ago!
Stan Smith
Stan Smith Sep 12, 2023 10:16AM ET
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No worries...no matter how bad it gets the afternoon miracle pump will save the day out of thin air!
 
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