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As Oil Prices Increase And Oracle Slides 12%, Stocks Open Lower On Tuesday

Under pressure from increased oil costs, stocks declined on Tuesday. Oracle’s stock fell 10% in the meanwhile.

Losing 84 points, or 0.24%, the Dow Jones Industrial Average. While Nasdaq Composite dropped 0.4%, the S&P 500 dipped 0.3%.

After reporting weaker-than-expected revenue and revenue guidance, Oracle experienced a 10% decline in extended trading. Lower than the $12.47 billion expected by analysts surveyed by LSEG, formerly known as Refinitiv, the software company reported $12.45 billion in revenue. Other cloud rivals, including as Amazon, Alphabet, the parent company of Google, and Microsoft, all experienced declines in premarket trade.

The price of oil weighed on confidence as well, causing worries about persistent inflation and a faltering global economy. In November of last year, U.S. crude prices reached their highest level. Among the few premarket gainers were Chevron shares.

The NFIB Small Business Index edged lower to 91.3, down 0.6 points and well below the Dow Jones projection of 91.5, in the lone economic data point of importance.

 

Source (CNBC)

 

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