S&P 500 falls on Tuesday as oil prices hit highest this year: live updates

The S&P 500 index fell on Tuesday as oil prices hit their highest level since 2023, raising concerns about a slowdown in the global economy.

The broader index fell 0.4%, while the Nasdaq Composite fell 0.8%. The Dow Jones Industrial Average rose 5 points to 0.01%; an index of 30 companies that have increased in value relative to Chevron stock.

Oracle was the worst performer in the S&P 500, posting a 13.3-second decline in revenue, with revenue forecasts falling short of expectations. The software company reported revenue of $12.45 billion, below the $12.47 billion expected by analysts surveyed by LSEG. Amazon, Alphabet’s Google parent company, and Microsoft, among other cloud rivals, all experienced declines.

Apple’s stock dipped in anticipation of the upcoming launch of a fresh iPhone model later today. They were last down 1%.

U.S. oil prices rose to their highest since November last year, while OPEC on Tuesday maintained its forecast for strong demand growth this year and next. West Texas Intermediate crude oil futures rose to nearly $89 a barrel, compared with about $66 a barrel in March.

Much attention was focused on key inflation data due later in the week, with the consumer price index due on Wednesday and the producer price index on Thursday. This week, the European Central Bank is scheduled to convene for a monetary policy meeting.

At Benjamin F. Edwards, senior vice president Pete Biebel likened the assortment of economic reports this week to a smorgasbord of alluring choices for analysts. The market could potentially experience a minor setback if any of these reports turn out to be notably below expectations.

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