Stock market today: Wall Street drifts as Oracle soars and banks and oil slump
U.S. stocks drifted to a mixed close following several weeks of sharp swings
NEW YORK — U.S. stocks drifted to a mixed finish on Tuesday following several weeks of sharp swings.
The S&P 500 rose 0.4% to pull within 3% of its record set in July. It flipped between small gains and losses through the day, but the moves were nothing like its careens since the summer, driven by worries about the slowing U.S. economy and whether coming cuts to interest rates will keep it out of a possible recession.
The Dow Jones Industrial Average fell 92 points, or 0.2%, and the Nasdaq composite rose 0.8%.
Oracle jumped 11.4% to an all-time high and helped lead the market after delivering better profit and revenue for the latest quarter than analysts expected. Gains for several influential Big Tech stocks also helped drive indexes, including rises of 2.1% for Microsoft and 2.4% for Amazon.
But banks weighed on the market following discouraging comments from several executives at an industry conference.
JPMorgan Chase fell 5.2% after its chief operating officer said analysts’ expectations for an underlying measure of its profit may be “too high.” Goldman Sachs dropped 4.4% after its chief executive said its trading revenue for the current quarter is trending down at the moment. And Ally Financial sank 17.6% after its chief financial officer warned that borrowers are “struggling with a high inflation and cost of living and now, more recently, a weakening employment picture.”
Stocks of energy producers were also weak after oil prices fell. A barrel of Brent crude, the international standard, is near its lowest price since 2021, and it’s been sinking amid worries about how much fuel a fragile global economy will burn. That helped drag Exxon
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