The Nasdaq Composite dropped on Tuesday as tech companies came under pressure and Oracle shares dipped due to disappointing results.
The Nasdaq fell 0.9%, and it appeared that today would be its first losing day in three. By 0.4%, the S&P 500 fell. The Dow Jones Industrial Average was unchanged during this time.
Oracle was the S&P 500’s poorest performer, losing over 13% after the company’s revenue projection and the previous quarter’s sales fell short of expectations. Amazon, Google parent Alphabet, and Microsoft, along with other cloud rivals, also experienced declines.
Oracle disappointed today, and that’s one of the things that is depressing both the NASDAQ and the S&P, according to Kim Forrest, founder of Bokeh Capital Partners. Although Oracle isn’t a very significant stock, it provides insight into the expenditure of businesses, and larger ones at that.
Following the introduction of a new iPhone model this afternoon, Apple shares fell. The last time they dropped more than 2%. Ahead of the company’s quarterly results this week, Adobe shares also fell more than 3%.