(CercleFinance.com) – Wall Street opened lower on Tuesday morning following the disappointing forecasts issued the day before by Oracle, proof that the economic slowdown at work constitutes a threat to business performance.
At the end of the morning, the Dow Jones fell 0.1% to 34,643 points, while the Nasdaq Composite dropped 0.6% to 13,827.8 points.
Oracle revealed quarterly results better than expected on Monday evening, but reported prospects considered disappointing for the current quarter, which caused its stock to fall by almost 12% at the start of the session.
This caution suggests that the Californian group is facing a reduction in business investments, particularly in dematerialized software (SaaS) where the deceleration is marked.
The stock market collapse of the business software designer is dragging down other technology stocks such as Accenture, Autodesk and Adobe.
Wall Street had progressed well on Monday, driven by Tesla (+10%) in the wake of an increase in recommendation from Morgan Stanley analysts and thanks to the strength of stocks linked to artificial intelligence in general.
But caution is required today on the eve of consumer price statistics, knowing that a figure higher than expected could encourage the Federal Reserve to continue its rate hikes.
With the rise in gasoline prices, inflation is expected to rise by at least 0.6% in August from one month to the next, its strongest increase since January, enough to fuel doubts about the slowdown in inflation.
On the oil market, the capping of production in several OPEC+ countries, in particular Saudi Arabia and Russia, outweighs fears surrounding a global economic slowdown, which supports prices.
On the NYMEX, a barrel of light American crude (West Texas Intermediate, WTI) climbed 2.2% to establish a new annual record at more than $89.2.
As a result, the energy sector index gained 2%, the best sectoral performance of the day, with gains of 2.6% and 2% respectively for ExxonMobil and ConocoPhillips.
The bond markets are trying to digest the inflationary impact of the price of a barrel which is breaking records and which is still accelerating, even if the yield on ten-year Treasuries is easing marginally towards 4.28%.
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