Phil Rosen
Reuters / Brendan McDermid US stocks slipped Tuesday, while oil prices climbed ahead of Tuesday’s release of the August inflation report. Brent crude, the international benchmark, surged above $91 a barrel. WTI jumped toward $90. Oracle stock tumbled 10% in early trading after the company reported weak quarterly revenue. Loading Something is loading.
Thanks for signing up!
Access your favorite topics in a personalized feed while you’re on the go.
US stocks fell to open Tuesday’s trading session, while oil prices pushed higher and investors turned their attention to Wednesday’s inflation report for August.
Last week, Brent crude, the international benchmark, had breached the $90 a barrel threshold for the first time in 10 months. On Tuesday it climbed above $91 a barrel, while West Texas Intermediate crude headed back toward $90.
Investors are bracing for a slate of economic data, including Wednesday’s release of the August consumer price index report, which will help inform the Federal Reserve’s next steps in policy. On Thursday, the producer price index report is scheduled for release.
Oracle stock, meanwhile, plunged 10% in early trading. The software company posted weaker-than-expected quarterly revenue and guidance.
Other Big Tech rivals including Amazon, Alphabet, and Microsoft also slipped Tuesday morning. Investors will also be watching Apple closely, as the company is set to reveal features of the new iPhone 15 later in the afternoon.
Here’s where US indexes stood shortly after the market opened 9:30 a.m. on Tuesday:
S&P 500: 4,471.25, down 0.36%Dow Jones Industrial Average: 34,573.11, down 0.26% (-90.61 points)Nasdaq Composite: 13,867.78, down 0.36% Here’s what else is going on:
Morgan Stanley’s stock chief said the S&P 500 looks risky and expensive.The trusty American consumer is poised to run out of steam by early next year, survey finds.Chinese property giant Country Garden’s stock surged 10% after getting an extension to repay some of its bonds.Warren Buffett’s Berkshire Hathaway saw its market value surge to a new record of almost $800 billion.Billionaire investor Bill Gross slammed Jeff Gundlach over shared “Bond King” nickname.In commodities, bonds, and crypto:
Oil prices climbed, with West Texas Intermediate up 1.57% to $88.65 a barrel. Brent crude, the international benchmark, inched higher 1.27% to $91.80 a barrel.Gold edged lower 0.8% to $1,931.60 per ounce.The 10-year Treasury yield ticked lower 2 basis points to 4.268%.Bitcoin climbed 4.56% to $26,193. Read next
MI Exclusive Markets stock market news More…