Oracle stock jumped 3% after UBS analyst Karl Keirstead upgraded the rating, citing the company's potential in both cloud business and artificial intelligence.
Microsoft Corp. shares slipped 0.20% as the stock market experienced a rough trading session, with the S&P 500 and Dow Jones Industrial Average also falling.
Apple shares fell over 2.6% as China plans to extend a ban on iPhone use to state-owned corporations, while Dutch Bros dropped 6% after announcing a public offering of $300 million in shares, and Dave & Buster's shares fell over 3% due to weaker-than-expected earnings.
WestRock stock gains 5% as the company nears a merger with Smurfit Kappa, while GameStop shares dip despite strong quarterly revenue. Semiconductor stocks slide, Apple drops over China restrictions, and ChargePoint Holdings misses revenue estimates.
Oracle shares dropped by about 5% in extended trading after the company reported slightly lower-than-expected fiscal first-quarter revenue, although earnings per share were better than anticipated.
Shares of Smurfit Kappa dropped 11% after announcing a merger with WestRock to create one of the world's largest packaging companies, to be listed in New York and London, with WestRock shareholders receiving one Smurfit WestRock share and $5 cash per share.
Tech stocks retreated as Oracle posted slowing cloud sales, while the euro and pound weakened due to concerns over stagflation in Europe. Smurfit Kappa Group plunged after announcing a deal with WestRock Co., and investor confidence in Germany's economy improved. US inflation data and the European Central Bank's interest-rate decision are upcoming events.
Shares of Oracle Corp. are set to suffer their worst one-day performance in 21 years after the software and cloud services company reported disappointing earnings and provided a downbeat outlook for the next quarter.
Oracle's shares plunged more than 12% and its Chair, Larry Ellison, lost $18 billion in wealth following disappointing revenue and weaker-than-expected guidance, despite the company's focus on artificial intelligence and cloud services.
The S&P 500 and Nasdaq declined as oil prices reached their highest level of the year, while Oracle's shares plummeted due to missed forecasts, and Westrock's shares rose after a purchase agreement.
Stocks slump as Oracle and Apple experience losses, with the Nasdaq Composite having its first losing day in three, while Apple's new iPhone 15 and iPhone 15 Pro fail to boost investor interest in the company.
Investor fear is causing tech stocks like Oracle and Apple to drop, according to CNBC's Jim Cramer, who believes the selling is unwarranted given the lack of clear negatives and recommends investors to tap into Oracle before it starts its "mammoth buyback."
Summary: Apple announced the iPhone 15 and iPhone 15 Pro at its annual launch event, with the Pro model keeping the same price as last year's version, while the Nasdaq Composite suffered its first losing day in three, largely driven by a 13.5% drop in Oracle's shares.
Shares of Microsoft Corp. fell 2.50% as the stock market experienced a dismal trading session, ending its two-day winning streak.
Shares of Microsoft Corp. rose 0.17% to $317.54, ending a six-day losing streak, as the broader stock market also experienced positive gains.
