Stock market today: Despite Oracle's drag, Wall Street drifts as it waits for inflation data
U.S. stock indexes are drifting in the runup to the highlight of the week for the market, the latest update on inflation
NEW YORK — Wall Street is quiet on Tuesday, and U.S. stock indexes are drifting in the runup to the highlight of the week for the market, the latest update on inflation that’s coming on Wednesday.
The S&P 500 was virtually unchanged, a day after pulling back from its latest all-time high. The Dow Jones Industrial Average fell 139 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite rose 0.4%.
Tech titan Oracle dragged on the market and sank 9.2% after reporting growth for the latest quarter that fell just short of analysts’ expectations. CEO Safra Catz said the company saw record demand related to artificial-intelligence technology for its cloud infrastructure business, which trains generative AI models.
AI has been a big source of growth that’s helped many companies’ stock prices skyrocket. Oracle’s stock had already leaped nearly 81% for the year coming into Tuesday, which raised the bar of expectations for its profit report.
C3.ai also fell, down 6.9%, even though it reported a smaller loss for the latest quarter than analysts expected. The AI software company increased its forecast for how big a loss it expects to take this fiscal year from its operations.
In the bond market, Treasury yields edged higher ahead of Wednesday’s report on the inflation that U.S. consumers are feeling. Economists expect it to show roughly similar increases as the month before. That and a report on Thursday about inflation at the wholesale level will be the final big pieces of data the Federal Reserve will get before its meeting next week, where many investors expect the year’s third cut to
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