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 fell Tuesday morning as investors come off a positive day.
Futures tied to the Dow Jones Industrial Average lost 76 points, or 0.22%. S&P 500 futures fell 0.3%, while Nasdaq 100 futures were off 0.33%.
Oracle slid 10% 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.
Oil prices also weighed on sentiment raising fears about sticky inflation and slowing global economic activity. U.S. crude prices touched the highest since November of last year, according to FactSet. Chevron shares were among the few premarket gainers.
In the only economic data point of note, the NFIB Small Business Index nudged lower to 91.3, down 0.6 points and slightly below the Dow Jones estimate of 91.5.
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.
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. Current market pricing implies a 93% probability that the central bank will keep interest rates steady at the meeting, according to CME Group’s FedWatch Tool, which measures futures market pricing. The Wall Street Journal reported Sunday that there was a consensus within the Fed to not hike rates this month and less urgency for additional hikes later this year.
“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.”
Correction: An earlier version misstated the implications of the CME FedWatch Tool.