Tuesday, May 28, 2024
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Tech Tumble: Oracle Stumbles and Apple’s iPhone 15 Launch Fails to Dazzle Markets

Tuesday wasn’t the best day for tech giants on Wall Street. Oracle’s stocks took a nosedive, plummeting by a steep 13% post a less-than-stellar earnings report. Apple, not to be left behind, saw its shares slide over 2.3%, and interestingly, this dip coincided with the unveiling of its iPhone 15.

Apple enthusiasts, both online and on-ground in Cupertino, California, eagerly awaited the grand reveal of the new iPhone, hoping for groundbreaking innovations. The latest model boasts a revamped camera, an updated charging port, and several other tweaks. Apple also introduced the newest versions of their Apple Watch and AirPods.

In stark contrast, the energy sector was buzzing with enthusiasm. US crude oil prices soared, hitting their highest point since November 2022. This surge was propelled by OPEC’s recent report, which predicted robust demand growth for the latter part of 2023 and extending into 2024. Riding this wave, energy behemoths Chevron and Exxon Mobil saw their stocks jump, reaching highs of 2% on Tuesday.

All eyes are now set on Wednesday’s release of the August consumer price index (CPI) report. This could be a pivotal moment for investors, as it might influence the Federal Reserve’s upcoming policy decisions. Expert strategists at Goldman Sachs anticipate the headline CPI to clock in at a 3.58% annual increase, a notch higher than July’s 3.2% ascent.

For those keeping tabs on the stock market’s ebb and flow, this week serves as a reminder of its unpredictability, where tech giants can falter, while traditional energy sectors surge ahead.

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