US stock futures stalled on Tuesday as investors trod carefully on the eve of a closely watched consumer inflation report seen as key to 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 () were up 0.1%, after the gauges started the week with small losses.
While stocks are faltering, they are still holding not far off record highs as investors wait for Wednesday’s update on consumer prices. Hopes are that the November inflation reading will provide further evidence of a “soft landing” for the economy, justifying widespread bets on a Federal Reserve rate cut in December.
Meanwhile, Oracle (ORCL) shares fell over 8% — poised to erase about $45 billion in market value — after its quarterly revenue fell short in the face of tough cloud competition.
Investors also weighed chipmaker Taiwan Semiconductor Manufacturing Co.’s (TSM, 2330.TW) report of a 34% year-on-year jump in revenue in November. While the sales number suggested sustained AI demand, it was also a decline on the previous month’s reading. The Apple (AAPL) and Nvidia (NVDA) suppliers’ stock slipped in pre-market trading.
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Live stock market coverage for Tuesday, Dec. 10, 2024
