Stocks Slide as Oil Hits Year-Long Peak

Stocks fell Tuesday as oil prices topped their highest levels of 2023, raising concerns about a slowing global economy.

The Dow Jones Industrials dropped 63.03 points to kick off Tuesday at 34,600.69, for its first loss in the last four sessions.

The S&P 500 index let go of 9.86 points to 4,477.60.

The NASDAQ index fell 15.95 points to 13,901.94.

Oracle was the worst performer in the S&P 500, sliding 13% after posting revenue and revenue guidance that was weaker than expected. The software company reported $12.45 billion in revenue, lower than the $12.47 billion forecasted by analysts polled by LSEG. Other cloud competitors — including Amazon, Google-parent Alphabet and Microsoft — all slid.

Apple shares were lower ahead of the expected unveiling of a new iPhone model this afternoon.

Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday.

Prices for the 10-year Treasury skidded, raising yields to 4.30% from Monday’s 4.26%. Treasury prices and yields move in opposite directions.

Oil prices boomed higher $1.53 to $88.82 U.S. a barrel.

Gold prices stumbled $1.20 to $1,932.00 U.S. an ounce.