The NASDAQ Composite fell Tuesday after Oracle shares plunged on disappointing results, and tech stocks came under pressure.
The Dow Jones Industrials eased into the red 17.73 points to end Tuesday at 34,645.99
The S&P 500 index let go of 25.56 points to 4,461.90.
The NASDAQ index collapsed 144.28 points, or 1%, to 13,773.61.
Oracle was the worst performer in the S&P 500, sliding 13.5% after sales last quarter fell short of estimates and the company’s revenue forecast also disappointed. Other cloud competitors — including Amazon, Google-parent Alphabet and Microsoft — also slid.
Apple shares were lower by nearly 1.8% after the unveiling of a new iPhone model this afternoon. Meanwhile, Adobe shares also dropped about 4% ahead of the company’s earnings results this week.
Elsewhere, U.S. crude prices touched the highest level since November of last year as OPEC on Tuesday kept to a robust demand growth forecast this year and next. West Texas Intermediate crude oil futures rose to nearly $89 a barrel, up from around $66 a barrel in March.
Energy stocks got a boost. Shares of Chevron picked up 1.9%, and Exxon Mobil was higher by about 2.9%.
Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday.
Prices for the 10-year Treasury skidded, raising yields to 4.27% from Monday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices boomed higher $1.64 to $88.93 U.S. a barrel.
Gold prices stumbled $11.50 to $1,935.70 U.S. an ounce.