Oracle Shares Plunge 10% as Nasdaq Falls 4.2% on Rate Hike Fears
ORCL•Oracle shares tumbled 10% as tech stocks sold off on hot payroll numbers raising Fed rate hike prospects. The software sector saw Oracle among its worst performers as the Nasdaq composite dropped 1,121 points (4.2%).
1. Market-wide Tech Downturn
The Nasdaq composite tumbled 1,121 points (4.2%) following surprisingly strong May payrolls that heightened expectations of additional Federal Reserve rate hikes, dragging major indices and tech-heavy sectors sharply lower.
2. Oracle Leads Software Declines
Oracle shares plunged roughly 10%, making it one of the worst-performing software names in the Nasdaq 100, as broad market losses intensified around semiconductor and software stocks.
3. Rate Hike Concerns Drive Selloff
Investor sentiment turned negative after the hot jobs data, with forecasts shifting toward more aggressive rate paths, prompting profit-taking across interest-rate-sensitive growth stocks including Oracle.
