A report on Oracle's (ORCL) cloud business dampened AI, tech sentiment
The S&P 500 snapped its seven-day win streak on Tuesday -- its longest run since May. The Nasdaq also shed triple digits after The Information reported Oracle's (ORCL) cloud business margins have been weaker than expected, and is now losing money on some Nvidia (NVDA) chip rentals.
The Dow settled lower as well, as the government shutdown stretched for a seventh day, after Senators failed to pass a funding bill due to disagreements over an extension of Obamacare tax credits. The impasse is threatening to cause major disruptions, with U.S. air traffic controllers among the workers not getting paid. Elsewhere, President Donald Trump said he would discuss tariffs on Canadian imports with Prime Minister Mark Carney.
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There are no earnings reports of note today.
Gold Nabs More Records Amid Uncertainty
Oil prices were flat on Tuesday, after Saudi Arabia kept flagship crude prices to Asia steady instead of implementing an expected increase. November-dated West Texas Intermediate (WTI) crude added 0.1%, or 4 cents, to close at $61.73 per barrel.
Investors continued to pile into gold as a safe haven asset from political and economical uncertainty, sending bullion above $4,000 for the first ever. Gold futures settled 0.7% higher at a record $4,004.40 per ounce, earlier hitting $4,014.60 an ounce.