The stock market is trading lower midday, reversing its morning gains.

The S&P 500 slipped 0.2%, while the tech-heavy Nasdaq Composite edged down 0.04%. The Dow Jones Industrial Average fell 0.7%, and the Russell 2000 Index dropped 1%.

Market watchers are waiting for Wednesday’s Consumer Price Index numbers.

Trending stocks:

Apple, Nvidia and Meta each lost less than 1% midday, while other Magnificent 7 stocks were up.

The semiconductor sector is seeing mixed moves. Broadcom added 3%, becoming one of the top 5 leaders in the S&P 500 index. AMD gained 0.3%. Taiwan Semiconductor, ASML and Qualcomm were lower.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

• Oracle  (ORCL)  +11.2%

• Molina Healthcare  (MOH)  +3.3%

• Digital Realty Trust  (DLR)  +3.3%

• Broadcom  (AVGO)  +3.1%

• Equinix  (EQIX) 2.9%

The worst-performing five S&P 500 stocks with the largest midday drops are:

• Synchrony Financial  (SYF)  -7.6%

• Capital One  (COF)  -7.6%

• Hewlett Packard Enterprise  (HPE)  -7.4%

• Discover Financial Services  (DFS)  -6.9%

• JPMorgan Chase  (JPM)  -6.7%

Stocks also worth noting include:

• Apple  (AAPL)  -0.7%

• Nvidia  (NVDA)  -0.4%

• Tesla  (TSLA)  +1.8%

• Alibaba  (BABA)  +2%

• Advanced Micro Devices  (AMD)  +0.5%

Oracle surged after earnings beat

Oracle stock jumped 11% after the cloud infrastructure platform posted upbeat financial results.

For the fiscal first quarter ended Aug. 31, the company earned an adjusted $1.39 a share, up 17% and beating the $1.32 a share expected by analysts. Revenue of $13.31 billion was up 7%, surpassing the $13.23 billion forecast.

Related: Analyst updates Oracle stock price target after earnings

“As Cloud Services became Oracle’s largest business, both our operating income and earnings per share growth accelerated,” Oracle Chief Executive Safra Catz said in a news release. She added that the software stalwart has signed an agreement with Amazon’s AWS.

Oracle's revenue goal for fiscal year 2026 is $65 billion. Catz affirmed the company's expectation of double-digit revenue growth for the year ending in May 2025.

Apple falls on tax payment and iPhone 16 debut

Apple lost 0.7% after the European Union’s top court ruled on a $13 billion back-tax payment and after the company released its latest iPhone 16.

In 2016, the European Commission ordered Ireland to recover up to 13 billion euros ($14.4 billion) in back taxes from Apple. On Sept. 10 the European Court of Justice said that it had confirmed the commission's 2016 decision.

Related: Analyst revisits Apple stock price target after iPhone 16 launch

Apple expects to incur a one-time income tax charge of about $10 billion in its fiscal fourth quarter ending Sept. 28, 2024, according to a filing.

Alibaba gains on addition to mainland stock connect scheme

Chinese e-commerce and fintech company Alibaba’s U.S.-traded shares rose 2% after its Hong Kong shares were added to the stock connect programs linking exchanges in Shanghai and Shenzhen, according to Reuters. This move is expected to attract more investments from mainland China.

Alibaba upgraded to dual-primary listing status for Hong Kong and New York, effective Aug. 28. Its Hong Kong stock closed up 4.2% on Sept. 10, as mainland investors bought $1 billion of the shares, Forbes reported.

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Analysts at Morgan Stanley had forecast that Alibaba’s addition to the stock connect scheme would act as an "imminent share price catalyst," with estimated net inflows from mainland investors between $17 billion and $37 billion over the course of 12 months, according to Reuters.

Related: Veteran fund manager sees world of pain coming for stocks