Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid
Brendan Mcdermid | Reuters
Stock futures were mixed Tuesday morning as investors come off a positive day.
Futures tied to the Dow Jones Industrial Average lost 12 points, dropping 0.03%. S&P 500 futures inched down marginally, while Nasdaq 100 futures was just above the flatline.
Oracle slid 9% in extended trading after missing revenue expectations of analysts surveyed by LSEG, formerly known as Refinitiv. But the database software company beat Wall Street’s consensus estimate for earnings.
The moves following a winning day on Wall Street. The Nasdaq Composite led the three indexes with a gain of 1.1%, while the S&P 500 and Dow added about 0.7% and 0.3%, respectively. It was the second positive session for the S&P 500 and Nasdaq, and the third for the Dow.
Tesla climbed about 10% in the session following a bullish Morgan Stanley upgrade, while Qualcomm added nearly 4% after the semiconductor maker announced it will supply 5G modems for Apple smartphones through 2026.
A gain of more than 1% in Walt Disney gave the Dow upward momentum. Disney’s advance came after CNBC’s David Faber cited sources saying the entertainment giant reached a deal with Charter Communications over a disagreement that caused cable disruptions.
Investors will watch Tuesday for data on small businesses. But much attention is focused on key inflation data due later in the week, with the consumer price index expected Wednesday and the producer price index slated for Thursday.
Both data points come ahead of the Federal Reserve’s policy meeting next week. Exactly 93% of market participants are expecting the central bank to keep interest rates steady at the meeting as of Monday evening, according to CME Group’s FedWatch Tool. The Wall Street Journal reported Sunday that there was a consensus within the Fed to not hike rates this month.
“The menu of economic reports this week offers several tempting entrees for analysts to sink their teeth into,” said Pete Biebel, senior vice president at Benjamin F. Edwards. “If any of those reports come in much worse than expectations, it will likely cause a bit of market indigestion.”
