U.S. stocks fell slightly in early trading on Tuesday. Higher oil prices weighed on stock indexes. The stock price fell nearly 13% after the financial report was released. Apple is about to hold a fall conference. This week the market will focus on economic data such as inflation and consumer spending.

The Dow fell 70.60 points, or 0.20%, to 34593.12 points; the Nasdaq fell 16.03 points, or 0.12%, to 13901.87 points; it fell 9.93 points, or 0.22%, to 4477.53 points.

Rising oil prices weighed on market sentiment and stoked concerns about high inflation and slowing global economic activity. U.S. crude futures rose and hit their highest level since November 2022. Oil producers such as Chevron were among the few rising stocks on U.S. stocks today.

Technology stocks became the focus of U.S. stocks on Tuesday as they prepared to announce new product lineups. ARM, a chip design company owned by SoftBank, is preparing for the largest initial public offering (IPO) of the year. At the same time, Oracle is drawing attention to the risks of investing in high-tech stocks.

Oracle shares fell 12.7%, leading technology stocks lower. The software company reported revenue that missed expectations, with revenue of $12.45 billion, below the $12.47 billion average estimate of analysts polled by LSEG .

Analysts at Morgan Stanley said Oracle’s earnings raise questions about when demand for artificial intelligence will translate into revenue for the broader business.

Oracle also announced lower revenue growth for its cloud infrastructure unit than in the previous fiscal quarter. Affected by this, Oracle’s competitors in this industry – Amazon, Google’s parent company Alphabet and Microsoft generally fell.

In terms of economic data on Tuesday, the National Federation of Independent Business (NFIB) small business index fell 0.6% to 91.3 points, lower than market expectations of 91.5.

U.S. stocks closed higher on Monday, with the Nasdaq rising 1.1%, the S&P 500 and the Dow rising 0.7% and 0.3% respectively. Both the S&P 500 and the Nasdaq recorded two consecutive gains, and the Dow closed higher for the third consecutive trading day.

The market will focus on important inflation data this week, with the Consumer Price Index (CPI) to be released on Wednesday and the Producer Price Index (PPI) to be released on Thursday.

A survey by the Federal Reserve Bank of New York showed that U.S. consumer inflation expectations were basically stable in August, but American households were more worried about their financial situation and more pessimistic about the job market.

The Federal Reserve will hold a monetary policy meeting next week. According to CME Group’s FedWatch tool, the market currently predicts a 93% chance of the Fed holding steady at next week’s meeting, but a 39.8% chance of raising interest rates after the November meeting.

Media reports on Sunday said that the consensus within the Federal Reserve is not to raise interest rates in September and that the urgency of raising interest rates later this year has also declined.

“This week’s menu of economic reports offers analysts several tempting entrees,” said Pete Biebel, senior vice president at Benjamin F. Edwards. “If any of these reports are much worse than expected, there’s a chance that Leading to market indigestion.”

Apple will hold this year’s autumn conference at noon Eastern Time on Tuesday, and may launch iPhone 15 series, Watch Series and other products.

Oracle announced revenue of US$12.5 billion in the first quarter of fiscal 2024, a year-on-year increase of 9%, slightly higher than market expectations of US$12.47 billion. Among them, cloud business revenue was US$4.6 billion, a year-on-year increase of 30%, which was lower than the 54% increase in the previous quarter. The company expects second-quarter revenue to grow 5% to 7% year-on-year, lower than market expectations of 8% growth.

The White House issued a statement on Tuesday (September 12) saying that US Commerce Secretary Raimondo and other senior government officials will convene AI industry executives at the White House to announce eight companies, including Cohere, IBM, Nvidia, Palantir, Salesforce, Scale AI and Stability. Commit to taking voluntary regulatory measures to manage AI technology development risks, including conducting security testing before launch, building a system that puts security first, and adding digital watermarks to AI-generated content.

Citigroup’s research team on Monday put Microsoft on its 90-day catalyst watch list, saying there will be an abundance of catalysts before the end of the year. “While it’s still early days, we believe Microsoft stock could be well-positioned to translate into (fiscal first quarter) earnings as the PC market stabilizes, Azure investment increases, and revenue accelerates,” the analysts wrote. ”

Citi also expects various AI developments to help Microsoft, including a potentially universal version of its Copilot software. Citi’s customer checks in August found a positive reception for the product.

Paper and packaging giant WestRock has agreed to merge with Europe’s Smurfit Kappa; the former holds 49.6% of the shares and the latter holds 50.4%. The merger would create a $20 billion paper giant.

EU antitrust regulators are seeking input from Microsoft’s competitors and customers to assess whether they have been affected by UK remedies in Microsoft’s acquisition of Activision Blizzard, people familiar with the matter said today.

TSMC’s official website announced that its board of directors approved an investment of up to US$100 million in SoftBank’s ARM and approved the acquisition of 10% of IMS, a subsidiary of Intel, for a price of up to US$432.8 million.

U.S. regional bank Truist plans to begin large-scale layoffs in the coming months and hopes to control fee growth to 1% in 2024, compared with an expected 7% this year.

According to the statement, the layoffs alone will help the company save $300 million in expenses. Truist expects that, combined with technology optimization and organizational simplification, total savings will be $750 million over 12 to 18 months.