US equity futures saw a slight uptick on Tuesday as traders positioned themselves ahead of a significant inflation report scheduled for release on Wednesday. The Standard & Poor's 500 and the Nasdaq both experienced a 0.1% increase during premarket activity, while the Dow Jones Industrial Average showed modest gains.
In Asia, market exchanges fluctuated, showing mixed to lower performances, and a majority of European bourses were tracking in the red by midday. The consumer price index for November is set to be unveiled on Wednesday, and the producer price index report for the previous month will follow on Thursday.
On Tuesday's economic calendar, the National Federation of Independent Business reported an 8-point uptick in the small business optimism index for November, now at 101.7. Additionally, a revised report on third-quarter productivity and costs will be released at 8:30 am ET. In individual stock movements, shares of Oracle ($ORCL) fell by 8.1% before the market opened due to the software maker's fiscal second-quarter earnings missing Wall Street expectations.
Conversely, MongoDB ($MDB) saw a decline of 3.8%, despite reporting third-quarter results that exceeded forecasts and elevating its overall year outlook. Positive momentum was noted for Google parent company Alphabet ($GOOGL), which gained 2.3%. Several companies, including AutoZone ($AZO), Ferguson Enterprises ($FERG), Ollie's Bargain Outlet ($OLLI), Academy Sports and Outdoors ($ASO), and United Natural Foods ($UNFI), are slated to report their latest financial results early on Tuesday.
GameStop ($GME) and Dave & Buster's Entertainment ($PLAY) will follow with their earnings announcements post-market close. In commodity news, bitcoin rose 1.3% to $97,900 prior to the opening bell. West Texas Intermediate crude oil saw a slight decrease of 0.6%, settling at $67.96 a barrel. Meanwhile, yields on 10-year Treasuries experienced a rise of 3.5 basis points, landing at 4.23%, while gold prices climbed 0.3% to $2,695 an ounce..