Stocks fall slightly on Tuesday as oil prices hit their highest levels this year: Live updates

Stocks fell Tuesday as oil prices topped their highest levels of 2023, raising concerns about a slowing global economy.

The Dow Jones Industrial Average lost 68 points, or 0.2% for its first loss in the last four sessions. The S&P 500 fell 0.4%, while the Nasdaq Composite declined 0.5%.

Oracle was the worst performer in the S&P 500, sliding 13% after posting revenue and revenue guidance that was weaker than expected. The software company reported $12.45 billion in revenue, lower than the $12.47 billion forecasted by analysts polled by LSEG. Other cloud competitors — including Amazon, Google-parent Alphabet and Microsoft — all slid.

Apple shares were lower ahead of the expected unveiling of a new iPhone model this afternoon. They were last down 1%.

U.S. crude prices touched the highest since November of last year as OPEC on Tuesday kept to a robust demand growth forecast this year and next. West Texas Intermediate crude oil futures rose to nearly $89 a barrel, up from around $66 a barrel in March.

Much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday.

“The menu of economic reports this week offers several tempting entrees for analysts to sink their teeth into,” said Pete Biebel, senior vice president at Benjamin F. Edwards. “If any of those reports come in much worse than expectations, it will likely cause a bit of market indigestion.”

Correction: An earlier version misstated the implications of the CME FedWatch Tool.