Stock market today: Wall Street drifts lower as oil prices rise and Oracle weighs on tech stocks

NEW YORK — Stocks drifted to a lower close as Wall Street waits for highly anticipated reports later this week about inflation and the economy. The S&P 500 fell 0.6% Tuesday. The Dow slipped 17 points, and the Nasdaq composite fell 1%. Oracle weighed on tech stocks after the software giant reported revenue that fell just short of what analysts expected. Stocks broadly have see-sawed in recent weeks amid uncertainty about whether the Federal Reserve is done with hiking interest rates.

Oracle’s forecast for how much revenue it will make in the current quarter wasn’t as strong as some analysts expected, even as it touts customers signing up for services because of the boom around artificial-intelligence technology. On the winning side of Wall Street, stocks of oil producers rose with the price of crude. Exxon Mobil rose 2.7% and was the single strongest forces pushing upward on the S&P 500. Occidental Petroleum gained 4%.

High rates work to undercut inflation by slowing the entire economy and knocking down prices for stocks and other investments. Sixty percent of fund managers say they think the Fed is done hiking rates, investment strategists led by Michael Hartnett wrote in a BofA Global Research report. That's a sharp turnaround from July, when just 9% were saying that.

On Thursday will come reports about inflation at the wholesale level and about sales at U.S. retailers. Strong spending by U.S. households has been a main driver keeping the U.S. economy humming, but it could also be encouraging companies to keep trying to raise their prices further.

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