Oracle Corp ORCL shares are trading lower Monday alongside several companies in the broader technology sector amid overall market weakness as stocks continue to sell off following worse-than-expected May CPI data.
Inflation accelerated again in May as the headline CPI rose 8.6%, up from 8.3% in April and above average economist estimates of 8.3%. Core inflation, excluding food and energy prices, was up 6% in April, which was also above economist estimates of 5.9%.
An increase in U.S. Treasury yields has also weighed on the tech sector. Higher rates decrease the present value of future cash flows, which can negatively impact the valuations of growth stocks. The 10-Year Treasury yield was hovering around 3.362% at press time.
See Also: What's Going On With Amazon Shares Nosediving Today?
Oracle is set to announce its fiscal fourth-quarter earnings after the market closes today. Analysts expect the company to report earnings of $1.37 per share on revenue of $11.67 billion, according to data from Benzinga Pro.
ORCL Price Action: Oracle is making new 52-week lows ahead of its earnings report Monday.
The stock was down 3.78% at $64.60 at time of publication.
Photo: courtesy of Oracle.
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