"Live Coverage Updates appear automatically as they are published. Live Updates This article will be updated throughout the day, so check back often for more daily updates. After getting what they wanted from the Federal Reserve, markets have gone their own way. An earnings shocker out of software giant Oracle ( Nasdaq: ORCL) after the closing bell yesterday is weighing on AI sentiment with a double-digit percentage drop, pulling technology stocks lower and pressuring the broader market."
"In its quarterly results, Oracle revealed plans to ramp up its capex, but with a debt-laden balance sheet, investors are fleeing for fear of how the company will be able to finance this aggressive growth. ORCL stock is down 14.3% at last check. Bank of America analysts have lowered their price target on ORCL stock by $68 to $300 per share with a "buy" rating."
"Major stock market averages are mixed, with the Nasdaq Composite and S&P 500 losing ground while the Dow Jones Industrial Average is moving slightly higher. The S&P 500, which has advanced 16.7% year-to-date, remains within a stone's throw of its most recent all-time high level. Here's a look at where things stand as of morning trading: Dow Jones Industrial Average: 48,376.42 Up 318.67 (+0.67%) Nasdaq Composite: 23,472.48 Down 186.67 (-0.75%) S&P 500: 6,865.51 Down 21.17 (-0.31%)"
Major U.S. stock indexes are mixed, with the Dow up while the Nasdaq Composite and S&P 500 decline. Oracle posted quarterly results and announced plans to increase capital expenditures, prompting investor concern due to a debt-laden balance sheet and causing ORCL shares to fall about 14.3%. Bank of America lowered its ORCL price target to $300 while maintaining a buy rating. The S&P 500 has risen 16.7% year-to-date and remains near its all-time high. Alphabet shares moved lower after AI-related news about integrating Gemini with Apple devices. Eli Lilly reported promising results for its latest weight-loss drug.
Read at 24/7 Wall St.
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