By U.S. stock indexes started the week on a strong note but opened lower on Tuesday due to disappointing guidance from Oracle, which had a significant impact on technology stocks. The Nasdaq Composite dropped 0.4%, while the S&P 500 and the Dow Jones Industrial Average fell by 0.3% and 0.2% respectively.
Oracle Corp. shares took a major hit as they slumped by 11.5% at the open. This decline was a direct result of the cloud database company’s earnings and guidance not meeting Wall Street expectations.
Investors are eagerly anticipating Apple’s marketing event in the later part of the session. The highly anticipated iPhone 15 series will be unveiled at 1 p.m. Eastern time.
On Wednesday, investors can expect the release of the August Consumer Price Index (CPI) data. According to economists surveyed by The Wall Street Journal, the headline inflation is forecasted to have accelerated to 0.6% from July’s 0.2% gain. The core measure, which excludes volatile food and fuel costs, is expected to rise by a mild 0.2% compared to the previous month.
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