Stock market today: Wall Street slips to a rare back-to-back loss

NEW YORK (AP) — U.S. stock indexes drifted lower Tuesday in the runup to the highlight of the week for the market, the latest update on inflation that’s coming on Wednesday.

The S&P 500 dipped 0.3%, a day after pulling back from its latest all-time high. They’re the first back-to-back losses for the index in nearly a month, as momentum slows following a big rally that has it on track for one of its best years of the millennium.

The Dow Jones Industrial Average fell 154 points, or 0.3%, and the Nasdaq composite slipped 0.3%.

Tech titan Oracle dragged on the market and sank 6.7% after reporting growth for the latest quarter that fell just short of analysts’ expectations. It was one of the heaviest weights on the S&P 500, even though CEO Safra Catz said the company saw record demand related to artificial-intelligence technology for its cloud infrastructure business, which trains generative AI models.

AI has been a big source of growth that’s helped many companies’ stock prices skyrocket. Oracle’s stock had already leaped more than 80% for the year coming into Tuesday, which raised the bar of expectations for its profit report.

In the bond market, Treasury yields ticked higher ahead of Wednesday’s report on the inflation that U.S. consumers are feeling. Economists expect it to show similar increases as the month before.

Wednesday’s update and a report on Thursday about inflation at the wholesale level will be the final big pieces of data the Federal Reserve will get before its meeting next week, where many investors expect the year’s third cut to interest rates.

The Fed has been easing its main interest rate from a two-decade high since September to take pressure off the slowing jobs market, after bringing inflation nearly down to its 2% target. Lower rates would help give support to the economy, but they could also provide more fuel for inflation.

Expectations for a series of cuts through next year have been a big reason the S&P 500 has set so many records this year.

Trading in the options market suggests traders aren’t expecting a very big move for U.S. stocks following Wednesday’s report, according to strategists at Barclays. But a reading far off expectations in either direction could quickly change that.

The yield on the 10-year Treasury rose to 4.22% from 4.20% late Monday.

Even though the Fed has been cutting its main interest rate, mortgage rates have been more stubborn to stay high and have been volatile since the autumn. That has hampered the housing industry, and homebuilder Toll Brothers’ stock fell 6.9% even though it delivered profit and revenue for the latest quarter that topped analysts’ expectations.

CEO Douglas Yearley Jr. said the luxury builder has been seeing strong demand since the start of its fiscal year six weeks ago, an encouraging signal as it approaches the beginning of the spring selling season in mid-January.

Elsewhere on Wall Street, Alaska Air Group soared 13.2% after raising its forecast for profit in the current quarter. The airline said demand for flying around the holidays has been stronger than expected. It also approved a plan to buy back up to $1 billion of its stock, along with new service from Seattle to Tokyo and Seoul.

Boeing climbed 4.5% after saying it’s resuming production of its bestselling plane, the 737 Max, for the first time since 33,000 workers began a seven-week strike that ended in early November.

Vail Resorts rose 2.5% after the ski resort operator reported a smaller first-quarter loss than analysts expected in what is traditionally its worst quarter.

All told, the S&P 500 fell 17.94 points to 6,034.91. The Dow dipped 154.10 to 44,247.83, and the Nasdaq composite slipped 49.45 to 19,687.24.

In stock markets abroad, indexes were mixed in China after the world’s second-largest economy said its exports rose by less than expected in November. Stocks rose 0.6% in Shanghai but fell 0.5% in Hong Kong.

Indexes fell across much of Europe ahead of a meeting this week by the European Central Bank, where the widespread expectation is for another cut in interest rates.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

A banner for Alaska Air Group hangs on the front of the New York Stock Exchange in New York's Financial District on Tuesday, Dec. 10, 2024. (AP Photo/Peter Morgan, File)

Holiday ornaments adorn the Wall Street side of the New York Stock Exchange in New York's Financial District on Wednesday, Dec. 4, 2024. (AP Photo/Peter Morgan)

FILE - A sign marks the intersection of Wall Street and South Street in New York's Financial District on Nov. 26, 2024. (AP Photo/Peter Morgan, File)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Dec. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 10, 2024. (AP Photo/Ahn Young-joon)

Currency traders smile near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 10, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 10, 2024. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 10, 2024. (AP Photo/Ahn Young-joon)

PHOENIX (AP) — South Carolina battered and bruised UConn in the women's NCAA Tournament semifinals, ending the Huskies' undefeated season while sending their coach to the end of his rope.

That was just a prelude to the second Final Four game, in which UCLA turned a rematch into a wrestling match and tapped out Texas' hopes of a second national title.

The officials have swallowed their whistles in this Final Four, which began with the same four teams that played in last year's national semis. The teams still left standing expect the physical play to continue in Sunday's national championship game, but they hope it's not to the same brutal degree.

“I hope the game is a little more aesthetically pleasing (Sunday),” UCLA coach Cori Close said Saturday. “We want to be able to have a very stylistic game that shows off the progress of the game, that continues to grow the game nationally to people who are tuning in. We've just got to figure out where that gap is and how we can close it.”

Dawn Staley has created a second power source in women's college basketball, putting South Carolina in position to win a fourth national title in nine seasons.

The Gamecocks haven't yet supplanted UConn atop the women's hoops-verse — the Huskies won their 12th title last season — yet they served notice that they aren't about to back down to the standard-setters with a 62-48 win on Friday. The thumping ended the Huskies' 54-game unbeaten streak and sent coach Geno Auriemma into a postgame tizzy that had him apologizing a day later.

“That’s a little disheartening. At the same time, this is sports, sometimes things like this happen,” Staley said. “That’s why I’m just going to continue to focus on our team and their ability to advance in this tournament, hopefully win another national championship.”

UCLA's story started with a blowout loss to UConn in last year's Final Four. The Bruins — particularly All-American Lauren Betts — used the loss as motivation during their record-setting return to the Final Four.

Texas was the only team to beat the Bruins this season, and UCLA served a smothering dose of payback with a 51-44 win to reach the NCAA championship game for the first time. UCLA is vying for its first national championship since taking the 1978 title, when women's basketball was governed by the Association for Intercollegiate Athletics for Women.

Rapper and women's sports supporter Flavor Flav watched both Final Four games on Friday and will get to see two of the game's best players again if he returns for Sunday's final.

Betts struggled in the first game against Texas, but was the deciding factor in the Bruins' Final Four win.

The two-time All-American — the first in UCLA women's history — had 16 points, 11 rebounds and three blocked shots, including the game-clinching swat against Texas All-American Madison Booker with 20 seconds left.

South Carolina has a big front line, anchored by 6-foot-6 senior Madina Okot, but Joyce Edwards is the engine that makes the Gamecocks go.

The second-team All-American is the leading scorer among the Final Four teams at 19.7 points per game and did a little bit of everything against UConn, finishing with 11 points, eight rebounds, three steals, two assists and a block.

The transfer portal played a key role in the final teams' run to the title game.

Ta’Niya Latson was the nation's leading scorer at Florida State and has fit in well with the team-first mentality at South Carolina.

The 5-9 senior guard was the Gamecocks' second-leading scorer at 14.4 points per game — down 11 points from last year — and scored 16 points against UConn.

Okot, a Mississippi State transfer, has given South Carolina added heft in the middle. The 6-6 senior is the Gamecocks' third-leading scorer at 13 points per game and their leading rebounder at 10.8.

UCLA added two key contributors in guards Gianna Kneepkens and Charlisse Leger-Walker.

Kneepkens has averaged 12.8 points and 3.2 assists since transferring from Utah. The 6-foot senior scored 10 points and hit a key 3-pointer during a run that pushed UCLA's lead to 13 against Texas.

Leger-Walker was still working her way back from a torn ACL that cost her the 2024-25 season when UCLA lost to Texas early in the season. The Kiwi has been a key component during the Bruins' run to the title game, leading UCLA with 5.7 assists per game while chipping in 8.3 points.

AP March Madness bracket: https://apnews.com/hub/ncaa-womens-bracket and coverage: https://apnews.com/hub/march-madness

UCLA head coach Cori Close speaks during a news conference at the NCAA college basketball tournament Final Four, Saturday, April 4, 2026, in Phoenix. (AP Photo/John Locher)

South Carolina guard Ta'niya Latson (00) drives during a practice at the NCAA college basketball tournament Final Four, Saturday, April 4, 2026, in Phoenix. (AP Photo/John Locher)

UCLA forward Angela Dugalic, second from left, embraces UCLA guard Lena Bilic (9) after defeating Texas in a women's NCAA college basketball tournament semifinal game at the Final Four, Friday, April 3, 2026, in Phoenix. (AP Photo/Ross D. Franklin)

South Carolina head coach Dawn Staley during a practice at the NCAA college basketball tournament Final Four, Saturday, April 4, 2026, in Phoenix. (AP Photo/John Locher)