Tech drags US stocks lower as Oracle drops and Apple slides after iPhone event

Apple CEO Tim Cook speaks before the start of the Apple Worldwide Developers Conference at its headquarters on June 05, 2023 in Cupertino, California.

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Oracle stock plunged more than 13% to lead tech names lower on Tuesday.
Apple stock fell more than 2.3% as investors watched the iPhone 15 debut event in California.
Meanwhile, US oil prices climbed to their highest mark since November 2022.

US stocks declined on Tuesday, with tech names leading the declines. Shares of Oracle declined more than 13% following a downbeat earnings report, while Apple also moved lower more than 2.3% on the same day as the company’s iPhone 15 launch event

Investors and Apple fans tuned in online or flocked to Cupertino, California in person to witness Apple’s unveiling of its latest flagship smartphone, which features an updated camera, charging port, and other upgrades. The company also debuted new editions of the Apple Watch and AirPods. 

Meanwhile, US crude oil prices breached their highest level since November 2022, surging after the latest report from OPEC that maintained a strong demand growth forecast for the rest of 2023 and next year. Shares of energy companies Chevron and Exxon Mobil jumped as high as 2% on the day.

On Wednesday, investors will be watching for the August consumer price index report, which could hold heavy sway over the Federal Reserve’s next policy move. Goldman Sachs strategists expect headline CPI to rise 3.58% annually, up from July’s 3.2% gain.    

Here’s where US indexes stood as the market closed 4:00 p.m. on Tuesday: 

S&P 500: 4,461.91, down 0.57%Dow Jones Industrial Average: 34,645.99, down 0.05% (-17.73 points)Nasdaq Composite: 13,773.61, down 1.04%

Here’s what else is going on: 

Decentralized crypto exchanges are awash in fake trades, a research report says.Investors would have made more money buying the S&P 500 instead of following “Big Short” star Michael Burry.The head of the IEA said it’s the beginning of the end for global oil demand.A bullish sign for the stock market just flashed, pointing to new 2023 highs on the way.Crashing furniture sales have been one unintended consequence of the unaffordable housing market.A $5.6 trillion mountain of money will help fuel a year-end rally for the stock market.The biggest oil deficit since 2007 will hit in the fourth quarter as Saudi Arabia cuts supply.The world’s largest deposit of lithium may have been found inside a US supervolcano.The US is set to release $6 billion of frozen Iranian oil revenue as part of prisoner release deal.

In commodities, bonds, and crypto: 

Oil prices climbed, with West Texas Intermediate up 1.67% to $88.96 a barrel. Brent crude, the international benchmark, inched higher 1.70% to $92.18 a barrelGold edged lower 0.56% to $1,936.00 per ounceThe 10-year yield ticked lower 2 basis points to 4.268%Bitcoin climbed 4.26% to $26,117

Read the original article on Business Insider


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