Tech Stocks Mixed: Nasdaq Futures Rise as Oracle Drops on Earnings Miss

What’s Driving Pre-Market Activity?

U.S. stock futures were little changed in early Tuesday trading, reflecting a pause after recent record highs in the S&P 500 and Nasdaq Composite. Mixed corporate earnings, weakness in the tech sector, and anticipation of the U.S. Consumer Price Index (CPI) report are keeping investors cautious ahead of the Federal Reserve’s December meeting.

Broad Market Indexes

S&P 500 and Nasdaq-100 futures edged higher, with the latter inching up 0.18%. Dow Jones Industrial Average futures dipped 10 points. On Monday, the S&P 500 and Nasdaq Composite slid 0.6%, pressured by a 2.6% decline in Nvidia shares. Nvidia fell another 0.3% pre-market as Chinese regulators investigate possible antitrust violations.

Sector Overview

Tech stocks underperformed, with Meta Platforms, Amazon, and Netflix all closing lower in the prior session. Analysts highlight tech’s continued influence on market performance, even as sector diversification improves.

Outside tech, MongoDB shares surged 9% after raising its earnings forecast, while Vail Resorts gained 3% following a narrower-than-expected quarterly loss. In contrast, Oracle dropped 6% on a slight miss in quarterly earnings, and Planet Labs fell over 8% on weak revenue guidance.

Individual Stock Movers

• Oracle shares fell more than 6% after reporting fiscal Q2 earnings of $1.47 per share, narrowly missing estimates of $1.48.
• MongoDB surged 9% after raising its earnings forecast and beating revenue expectations.
• C3.ai jumped 15% as its adjusted Q2 loss of 6 cents per share came in narrower than expected.
• Planet Labs dropped over 8% after its revenue forecast fell short of analysts’ expectations.

Economic Data and the Fed

The U.S. CPI report, due Wednesday, is expected to show a 0.3% monthly rise and a 2.7% annual increase in inflation. These numbers could significantly influence the Federal Reserve’s interest rate decisions during its December 17–18 meeting. A hotter-than-expected CPI print could push the Fed toward a more hawkish stance.

Market Forecast: Where Could the Market Be Headed Next?

The cash market is expected to open with muted movement as traders weigh mixed earnings and soft tech performance against broader market stability. Nvidia’s ongoing struggles and Oracle’s disappointing results may exert pressure, but gains in MongoDB and other growth names could lend some support.

Attention remains firmly on the inflation report and its potential implications for Federal Reserve policy. In the absence of major surprises, markets are likely to trade cautiously, with volatility expected to increase as economic data is released.

More Information in our Economic Calendar.