U.S. Stock Index Futures Steady Amid Tech Pullback

U.S. stock index futures remained relatively unchanged on Monday evening following a decline in technology stocks that pulled Wall Street off its record highs. Investors are now focusing on upcoming inflation data.

Geopolitical Uncertainty

Heightened geopolitical uncertainty arose as the Bashar al-Assad government was overthrown in Syria after more than 20 years in power, disturbing risk sentiment.

Futures Overview

• S&P 500 Futures: fell 0.1% to 6,061.75 points
• Nasdaq 100 Futures: fell 0.1% to 21,476.0 points at 18:27 ET (23:27 GMT)
• Dow Jones Futures: steadied at 44,469.0 points

CPI Data Awaited for More Rate Cues

Investors are closely watching the Consumer Price Index (CPI) data due Wednesday, which is anticipated to show a slight uptick in inflation for November.
– Headline CPI: expected to rise to 2.7% from 2.6% year-on-year
– Core CPI: expected to hold steady at 3.3%

Although inflation had declined earlier in 2024, it has recently become more stubborn, raising uncertainties about the interest rate outlook. Nevertheless, markets are still expecting a 25 basis point rate cut from the Federal Reserve next week, but longer-term rate forecasts have grown more uncertain.

Nvidia, Oracle Losses Pressure Tech Stocks

Technology stocks suffered the most significant losses on Wall Street on Monday, after a strong performance in recent weeks, with NVIDIA Corporation (NASDAQ: NVDA) leading the decline.
– Nvidia: fell 2.6% on Monday and dropped another 0.6% in after-hours trading due to antitrust probes by China.
– Oracle Corporation (NYSE: ORCL): slid nearly 8% in after-hours trading after its quarterly earnings missed expectations amid rising competition from major players like Microsoft and Amazon.

Despite anticipated benefits from the growing artificial intelligence sector, Oracle's earnings miss raised concerns. As a result, the S&P 500 fell 0.6% to 6,052.85 points, while the Nasdaq Composite decreased by 0.6% to 19,741.30 points. The Dow Jones Industrial Average dipped 0.5% to 44,401.93 points.

Other After-Hours Movers

• MongoDB (NASDAQ: MDB): surged 10% after beating quarterly earnings expectations.
• C3.ai Inc (NYSE: AI): rallied 15% after surpassing estimates with robust AI demand.
• Eli Lilly and Company (NYSE: LLY): added 0.8% following a $15 billion share buyback announcement and a dividend hike.