NEW YORK — Stocks are drifting lower as Wall Street waits to see what reports coming up this week on the economy and Big Tech companies say. The S&P 500 slipped 0.2% early Tuesday. The Dow fell 28 points and the Nasdaq composite fell 0.3%. Oracle weighed on tech stocks after the software giant reported revenue that fell just short of what analysts expected. Oracle’s forecast for how much revenue it will make in the current quarter wasn’t as strong as some analysts expected.
Also this week, the U.S. reports the latest data on how retailers are doing. Strong spending by Americans has contributed to the dodging of a long-predicted recession. But it also could encourage companies to keep trying to raise prices, pushing upward on inflation. Google's antitrust trial opens in federal court early Tuesday with the government accusing Google of abusing its position as the world's dominant search engine and forcing consumers to settle for inferior search results. It's the biggest U.S. antitrust trial since regulators went after Microsoft a quarter century ago.
WestRock, a maker of containerboard and other packaging, rose 6% before the bell after the Atlanta company said it's being acquired by Ireland’s Smurfit Kappa Group to create a packaging giant with a combined value of close to $20 billion. The new company will be called called Smurfit WestRock and will maintain operations in Atlanta, with the other headquarters being located in Dublin.
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