Sunday, May 19, 2024

Tech stocks fall as Oracle sinks, with Apple and inflation in focus: Stock market news today


Wall Street stocks traded mixed in midday trading on Tuesday, as investors waited for Apple’s highly anticipated fall event to kick off and counted down to Wednesday’s key inflation data report.

The tech-heavy Nasdaq Composite (^IXIC) retreated 0.6% amid a tumble in Oracle (ORCL) shares after the software maker posted slowing cloud sales growth, and the S&P 500 (^GSPC) dropped about 0.3%. But the Dow Jones Industrial Average (^DJI) pared earlier losses to trade about 0.2% higher.

Tech stocks take center stage on Tuesday, with Apple (AAPL) expected to launch the iPhone 15 at its highly anticipated fall event, and as anticipation builds for the blockbuster Arm IPO. The chip designer will close its order book early, by Tuesday afternoon; the listing is up to 10 times oversubscribed, reports said.

Meanwhile, rising oil prices gave heft to worries about inflation’s resistance to the Fed’s efforts to cool pressures. WTI crude (CL=F) and Brent (BZ=F) futures climbed to trade near nine-month highs early Tuesday, after OPEC data showed global oil markets face a supply shortfall of more than 3 million barrels a day next quarter.

Investors are gearing up for Wednesday’s crucial US consumer inflation print, as they watch for signs of a slowdown in spending. Thursday will bring more insight into households’ resilience when the August retail sales report is released.

This week’s clutch of economic data will be weighed for its potential to influence the Federal Reserve at its upcoming September meeting. Investors are assessing whether more interest rate hikes remain on the table, and if so, whether they’ve been priced into the stock market.

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