Wall Street searched for footing early Tuesday as the last earnings reports of 2024 trickled in ahead of new data on U.S. inflation.
Futures for the S&P 500 rose less than 0.1% before the opening bell and futures for the Dow Jones Industrial Average fell less than 0.1%.
The U.S. will release consumer inflation numbers for last month on Wednesday that economists expect to be little changed. November data on inflation at the wholesale level arrives Thursday.
They’re the last big pieces of data the Federal Reserve will get before its meeting next week, where many expect the year’s third interest rate cut.
The Fed has been easing its main interest rate from a two-decade high since September to lift the slowing jobs market, after bringing inflation nearly down to its 2% target.
Software giant Oracle tumbled 7% after it came up just short of Wall Street’s second-quarter sales and profit targets, even as its AI-related revenue soared.
Homebuilder Toll Brothers beat Wall Street sales and profit targets but its stock fell 3.5% in premarket trading.
Vail Resorts jumped 3.8% after the ski resort operator reported a narrower first-quarter loss than expected in what is traditionally its worst quarter. Though pass sales for the upcoming year are down by units, price increases more than offset that decline.
Elsewhere, in Europe at midday Germany’s DAX edged 0.1% higher while the CAC 40 in Paris and Britain’s FTSE 100 each fell 0.6%,.
The Shanghai Composite index gained 0.6% to 3,422.66 while Hong Kong’s Hang Seng shed early gains, falling 0.5% to 20,311.28 as traders sold to lock in profits from earlier gains.
At a meeting Monday, Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s the first move in 10 years away from a more cautious, “prudent” stance. A major planning meeting expected Wednesday could also bring more support for the Chinese economy.
China reported its exports rose 6.7% from a year earlier in November, less than expected, and imports fell nearly 4%. Recent price data also have been weaker than anticipated, suggesting demand remains weaker than hoped for.
Tokyo’s Nikkei 225 gained 0.5% to 39,367.58, while the Kospi in South Korea jumped 2.4% to 2,417.84, recovering some of its recent losses as the country’s recent political turmoil simmered on.
On Tuesday, South Korean prosecutors were seeking to formally arrest the former defense minister alleged to have colluded with President Yoon Suk Yeol in imposing martial law last week, as both men are being investigated on rebellion and other charges.
Taiwan’s Taiex shed 0.6% as the government said China’s military appeared to be preparing for widely anticipated drills in response to a recent visit by its president, Lai Ching-te’s visits to Hawaii and Guam. Taiwan’s defense ministry said Monday that it has detected Chinese naval and coast guard ships entering the Taiwan Strait and the western Pacific and that China had restricted airspace along its southeast coast through Wednesday.
The moves have ratcheted up tensions after U.S. President-elect Donald Trump said he would not commit to defending Taiwan if China were to invade during his presidency.
Elsewhere in the region, Australia’s S&P/ASX 200 slipped 0.4% to 8,393.00. Markets in Thailand were closed for a holiday.
A barrel of benchmark U.S. crude gave up 37 cents to $68 per barrel early Tuesday. Prices are down 3% this month and U.S. crude has not traded above $70 for more than two weeks. Brent crude, the international standard, lost 7 cents to $71.05 per barrel.
The U.S. dollar rose to 151.60 Japanese yen from 151.22 yen. The euro fell to $1.0531 from $1.0555.
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