Business
Tech Stocks Take a Hit After Oracle Earnings. Dow Rises.
An AI curveball thrown by Oracle last night is sending tech stocks lower to start Thursday’s session.
The S&P 500 was down 0.4%, and the tech-heavy Nasdaq slid 0.7%. The S&P 500 was close to nearing a record yesterday. The Dow was up 193 points, or 0.4%.
Risky assets got a boost Wednesday from the Federal Reserve’s rosy economic projections and lower interest rates. Things turned for the worse, though, after Oracle reported revenue of $16.1 billion in the last quarter, below analysts’ estimates. It also boosted its full-year capital-expenditure forecast from $35 billion to $50 billion.
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