Stock futures hovered near the flatline on Tuesday morning, after both the S&P 500 and Nasdaq Composite pulled back from record highs.
Futures tied to the broad market index slipped 0.05%, while Nasdaq 100 futures inched down 0.05%. Dow Jones Industrial Average futures lost 9 points, or 0.02%.
In extended trading, Oracle shares slumped more than 7%. The database software company posted fiscal second quarter results that missed Wall Street’s estimates.
During the regular session, the major averages fell. The S&P 500 and the Nasdaq Composite slid about 0.6%, dropping from recent records as Nvidia shares declined. A regulator in China said it was investigating the chip giant over possible violations of the country’s antimonopoly law. Tech juggernauts Meta Platforms, Amazon and Netflix also ended the session lower.
“We have heard that the tech trade has been over on and off for five years yet there has not been a better place to be,” said Laffer Tengler Investments CEO Nancy Tengler. “Yes, the market is broadening and that is good but without tech, the market and the economy struggle.”
On the economic report front, the National Federation of Independent Business’s small business survey is due on Tuesday morning.
The major event this week is the U.S. consumer price index report, which is due Wednesday and could influence how the Federal Reserve proceeds on interest rates at its Dec. 17-18 meeting. Economists polled by Dow Jones forecast that headline inflation rose 0.3% in November and 2.7% over the prior 12 months.
Several companies of note are also reporting results Tuesday, including GameStop and Dave & Buster’s Entertainment.
Stocks making the biggest moves after hours
Check out some of the companies making headlines in extended trading:
Oracle — Stock in the computer technology company slipped 5% after Oracle slightly missed fiscal second-quarter earnings estimates. The firm reported adjusted earnings of $1.47 per share, while analysts polled by LSEG were looking for $1.48 per share. Oracle’s revenue of $14.1 billion matched analysts’ estimates.MongoDB — Shares added more than 9% after the database company raised its fourth-quarter forecast. MongoDB now expects adjusted earnings per share in the range of 62 cents to 65 cents, while analysts polled by LSEG were looking for 58 cents per share. The firm also expects revenue in the current quarter of $515 million to $519 million, against a forecast $509 million.Vail Resorts — The operator of ski resorts saw shares jump close to 3% after posting a narrower-than-expected loss in the fiscal first quarter. Vail reported an adjusted loss of $4.61 per share on revenue of $260 million. Analysts polled by LSEG were looking for a loss of $5.00 per share and revenue of $253 million.
Read the full list here.
— Brian Evans
Stock futures open little changed
Stock futures were little changed on Monday, after both the S&P 500 and Nasdaq Composite pulled back from their respective highs.
S&P 500 futures ticked down 0.03%, while Nasdaq 100 futures lost 0.01%. Futures tied to the Dow Jones Industrial Average hovered near the flatline.
— Brian Evans