U.S. stock futures stalled on Tuesday as investors moved cautiously on the eve of a closely watched consumer inflation report seen as crucial for the path of interest rates.
Futures on the Dow Jones Industrial Average () and S&P 500 () hovered around the flat line. Contracts on the tech-heavy Nasdaq 100 () rose 0.1% after the gauges started the week with small losses.
While stocks are wobbling, they still remain not far from record highs as investors await Wednesday’s update on consumer prices. The hope is that November’s inflation data will provide further evidence of a “soft landing” for the economy, justifying widespread bets on a Federal Reserve rate cut in December.
Meanwhile, shares of Oracle ( ORCL ) fell more than 8% — poised to erase about $45 billion in market value — after quarterly revenue fell short in the face of fierce cloud competition.
Investors also took into account the report from chipmaker Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) on a 34% year-over-year sales increase in November. While the sales figure suggested continued demand for AI, it was also a decline from the previous month’s figures. Shares of suppliers Apple (AAPL) and Nvidia (NVDA) fell in pre-market trading.
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Live stock market coverage for Tuesday, December 10, 2024
