Traders works on the floor at the New York Stock Exchange on Dec. 2, 2024.
Brendan Mcdermid | Reuters
Stock futures hovered near the flatline on Tuesday, after the S&P 500 and Nasdaq Composite pulled back from record highs.
Futures tied to the broad market index were little changed, while Nasdaq-100 futures inched up 0.05%. Dow Jones Industrial Average futures lost 7 points.
Oracle shares slumped more than 8% after the database software company posted fiscal second quarter results that missed Wall Street’s estimates.
The major averages fell on Monday. 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.
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