Oil prices reached their highest levels since 2023 on Tuesday, sending stocks down as worries about a faltering global economy increased.
The Dow Jones Industrial Average experienced its first decline in the previous four sessions with a drop of 68 points, or 0.2%. The Nasdaq Composite dipped 0.1% and the S&P 500 fell 0.2%.
The S&P 500’s weakest performance was Oracle, which fell 13% after reporting weaker-than-expected revenue and revenue projections. Revenue for the software giant came in at $12.45 billion, less than the $12.47 billion analysts surveyed by LSEG had predicted. Microsoft, Google’s parent company Alphabet, and other cloud rivals like Amazon all experienced declines.
In advance of this afternoon’s anticipated introduction of a new iPhone model, Apple shares fell.
With a barrel of U.S. oil reaching about $89, prices reached their highest level since November of last year.
Source (CNBC)
