Futures for U.S. stocks remain stable following a decline in major indices on Monday, influenced partly by struggles in the technology sector. Nasdaq futures have seen a slight increase, while S&P 500 futures are showing a small dip.
As the week kicks off, the S&P 500 is closely watching inflation trends. It’s @KristenScholer with your Market Update. pic.twitter.com/Vs9gifBovP
— NYSE 🏛 (@NYSE) December 9, 2024
Today, investors gear up to process an influx of earnings reports. Currently, Bitcoin is slightly down, hovering around $97,000, while gold futures have risen by 0.6%.
As of November 30, 2024, the NIFTY brand encompasses over 405 indices, serving as benchmarks for the stock market and the economy. The NIFTY is commonly known as the ‘Stock of the Nation’.
Explore the Coffee Table Book on NSE and Indian Capital Markets – ‘The Journey of… pic.twitter.com/iVn9vGAsi2
— NSE India (@NSEIndia) December 9, 2024
Oil futures have decreased by 0.5%, and yields on the 10-year Treasury note have edged higher, surpassing 4.2%. GameStop shares are seeing a slight decrease in premarket trading.
📉#Nifty ends the day nearly flat after a second consecutive decline
Here’s a recap of today’s market movements!#Nifty #nifty50 #NiftyBank #Niftypsubank #StockMarketIndia #StockMarketUpdate #StockMarket #stockmarkets #stocks pic.twitter.com/i0lJitKNjX
— ET NOW (@ETNOWlive) December 10, 2024
This comes ahead of the video game retailer’s earnings report for Q3, which is set to be released after the market closes today, following a stock surge last week that was triggered by a vague social media message.
GameStop’s stock isn’t a major focus for Wall Street analysts, with the sole analyst monitored by Visible Alpha giving it a “Sell” rating and setting a price target of $10, significantly lower than the $27.93 closing price on Monday.
In premarket trading, Oracle’s stock is dropping by 6%.
Futures shift amid varied earnings reports
This follows the tech company’s announcement of lower-than-anticipated quarterly earnings.
The shares of this cloud services leader reached all-time highs last week, reporting revenues of $14.06 billion—a 9% increase year-on-year, though falling short of Visible Alpha’s forecasts. Their net income rose to $3.15 billion, or $1.10 per share, compared to $2.5 billion, or 89 cents per share, from the previous year.
This result exceeded projections, but adjusted earnings of $1.47 were slightly below expectations. Meanwhile, European regulatory bodies are asking for more information from Alphabet’s Google.
This inquiry pertains to a confidential advertising partnership the search engine giant had with Meta Platforms, which possibly breached Google’s rules against personalized ads targeted to users under 18. Shares of both Alphabet and Meta Platforms are gaining in premarket activity.
Taiwan Semiconductor Manufacturing Co. (TSMC) has reported impressive sales for November, suggesting strong demand for AI-oriented chips.
The company announced November sales of $8.48 billion, a drop of 12% from October but a year-on-year increase of 32%. Shares of TSMC, which is the largest chip manufacturer globally, have decreased by about 1% in premarket trading.
Nonetheless, their shares have nearly doubled over the year.
