Oracle Stock Slides After Company Issued ‘Force Majeure’ Notice For Major Data Center Project
The company is supposed to be the primary tenant for a massive data center in New Mexico currently under construction.
At 11:37 AM ET, stock market indices showed a decline as Treasury yields rose and Oracle declared force majeure. The S&P 500 fell 0.48% to 7,669, the Nasdaq Composite dropped 0.77% to 26,739, and the Dow Jones Industrial Average declined 0.71% to 51,144. The bond sell-off was a major driver behind the market's downturn. Gold prices fell 0.82% to $4,253.63, while the 10-Year Treasury yield climbed to 5.16%.
Technology and basic materials stocks experienced losses, with energy and communication services seeing the most significant gains. Oracle's stock dropped almost 5% following reports of a force majeure declaration related to a New Mexico data center project, causing concern among investors about potential delays. Meta Platforms gained after introducing Meta VR glasses and a new handheld device compatible with the recently launched Muse AI agent. Meanwhile, United Parcel Service saw a decline after an analyst downgraded the company.
Written by urgent.news from Motley Fool's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
