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Oracle’s big stock selloff acts as a big drag on both software and cloud ETFs

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Shares of Oracle Corp. tumbled 12.1% in midday trading toward its biggest one-day selloff in 21 years in the wake of a disappointing earnings report, and...

Shares of Oracle Corp.

tumbled 12.1% in midday trading toward its biggest one-day selloff in 21 years in the wake of a disappointing earnings report, and were having an oversized drag on some exchange-traded funds that track both the software and cloud sectors and carry relatively large positions in Oracle’s stock. The Fidelity Cloud Computing ETF FCLD, of which Oracle’s stock is the most heavily weighted component with a 4.5% weighting, shed 1.9% with 38 of 50 equity components seeing red.

 

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