NEW YORK, United States (AP) — A slide for technology stocks weighed on Wall Street Tuesday as the market prepped for a highly anticipated report on inflation due the next day.

The S&P 500 lost 25.56 points, or 0.6 per cent, to 4,461.90. The Dow Jones Industrial Average slipped 17.73, or 0.1 per cent, to 34,645.99, and the Nasdaq composite dropped 144.28, or 1 per cent, to 13,773.61.

Software giant Oracle helped lead the losses for tech stocks after reporting revenue for the latest quarter that fell just short of what analysts expected. Its stock tumbled 13.5 per cent, even though its profit topped expectations. Oracle’s forecast for how much revenue it will make in the current quarter also wasn’t as strong as some analysts expected.

Apple dropped 1.8 per cent after it unveiled the latest models of its phones and other devices. The stock had soared through much of this year, which is crucial for many investors because it has more sway than other stocks on the S&P 500 as Wall Street’s most valuable company. But it’s been struggling since the end of July and has reported three straight quarters where its revenue fell from year-earlier levels.

https://www.jamaicaobserver.com/business/wall-street-drifts-lower-as-oil-prices-rise/