On Tuesday morning, US equity futures showed signs of a slight downturn as traders prepared for the much-anticipated inflation data scheduled for release later in the week. Both the Standard & Poor's 500 and the Dow Jones Industrial Average opened slightly lower, while the Nasdaq experienced a minor decline of 0.1% in premarket trading.
In contrast, most Asian exchanges were on an upward trend, with European markets showing a mixed performance, leaning towards lower numbers. Analysts expect government data to unveil that consumer inflation in the United States increased by 0.2% on a sequential basis and 2.6% on a year-over-year basis for the month of August, according to a consensus compiled by Bloomberg.
Additionally, the producer price index report for the previous month is due for release on Thursday, further impacting market sentiments. In Tuesday's sparse economic calendar, the National Federation of Independent Business (NFIB) announced a notable decrease in its optimism index, which dropped by 2.5 points to settle at 91.2 for the month of August.
Furthermore, Federal Reserve Vice Chair for Supervision Michael Barr is scheduled to deliver a speech at 10 am ET today, which could provide insights into the Fed’s perspective on the current economic climate. In terms of individual stock performance, shares of Oracle Corporation ($ORCL) saw a significant surge, climbing 8.2% in premarket trading after the software giant reported fiscal first-quarter results that exceeded market expectations.
Conversely, Rubrik Inc. ($RBRK) faced a disappointing response, with its stock dropping by 8.6% after reporting a quarterly loss that was narrower than market forecasts, leaving investors concerned. Looking ahead to earnings reports, Academy Sports and Outdoors ($ASO) is set to release its latest quarterly results before the market opens today.
Other companies, including GameStop Corp. ($GME), Dave & Buster's Entertainment Inc. ($PLAY), and Petco Health and Wellness Inc. ($WOOF), are expected to announce their earnings later in the afternoon session. Major players in the tech sector, such as Apple Inc. ($AAPL) and Alphabet Inc. ($GOOGL), experienced slight declines of 1% and 0.2%, respectively. In the realm of cryptocurrencies, Bitcoin experienced a modest increase of 0.3%, reaching a price of $57,134 before the market open.
Meanwhile, West Texas Intermediate crude oil saw a decline of 0.8%, settling at $68.15 per barrel. On the other hand, yields on 10-year Treasuries rose by 1.5 basis points to 3.71%, while gold prices ticked up by 0.1%, arriving at $2,535 per ounce, showcasing a mixed reaction in commodities trading. As traders closely monitor these developments, the data released this week will be critical in shaping market trends and influencing investment strategies moving forward..