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Tech stocks dragged US benchmark indices lower on Thursday after Oracle's disappointing quarterly results.

The S&P 500 index shed 0.4%, while the tech-heavy Nasdaq Composite dropped 0.7% at open. The Dow Jones Industrial Average outperformed, rising 103 points, or 0.2%.

Seven of the eleven sectoral indices on the S&P 500 were trading in green led by materials and financials. IT and telecom stocks saw decline.

Oracle shares fell as much as 15% after the cloud computing company's fiscal second-quarter revenue missed analyst expectations. Analysts across Wall Street raced to lower their price targets after the company raised its spending forecast, heightening concerns about the company’s debt, as per reports

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