Stock Futures Tick Down After Positive Day

Published on September 11, 2023

Futures Performance

• Futures tied to the Dow Jones Industrial Average lost 30 points, dropping nearly 0.1%
• S&P 500 and Nasdaq 100 futures both inched down 0.1%

Oracle Misses Revenue Expectations

• Oracle slid 9% in extended trading after missing revenue expectations of analysts surveyed by LSEG
• The database software company beat Wall Street’s consensus estimate for earnings

Wall Street Performance

• The Nasdaq Composite led the three indexes with a gain of 1.1%
• The S&P 500 and Dow added about 0.7% and 0.3% respectively

Tesla and Qualcomm Gain

• Tesla climbed about 10% following a bullish Morgan Stanley upgrade
• Qualcomm added nearly 4% after announcing it will supply 5G modems for Apple smartphones through 2026

Walt Disney Boosts Dow

• Walt Disney’s gain of more than 1% gave the Dow upward momentum
• Disney reached a deal with Charter Communications over a disagreement that caused cable disruptions

Upcoming Data and Federal Reserve Meeting

• Investors will watch for data on small businesses
• Key inflation data is expected later in the week
• Consumer price index expected Wednesday and producer price index slated for Thursday
• 93% of market participants expect the Federal Reserve to keep interest rates steady at the upcoming policy meeting

Analysts’ Outlook

“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.”