Futures Slide As Oil Prices Gather Steam
Date
9/12/2023 9:13:54 AM
(MENAFN- Baystreet.ca) Futures Slide as Oil Prices Gather Steam
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Stock futures fell Tuesday morning, under pressure from rising oil prices. Meanwhile, Oracle shares dropped 10% in extended trading.
Futures for the Dow Jones Industrials sank 55 points, or 0.2%, to 34,957.
Futures for the S&P 500 dipped 13.25 points, or 0.3%, to 4,526.25.
Futures for the nasdaq dropped 55.25 points, or 0.4%, to 15,619.
Oracle slid 10% in extended trading after missing revenue expectations. The software company reported $12.45 billion in revenue, lower than the $12.47 billion forecasted by analysts polled by LSEG, formerly known as Refinitiv. Oracle reported cloud infrastructure revenue slowing from the prior quarter. Its competitors in that category - Amazon, Google-parent Alphabet and Microsoft - all slid in premarket trading.
Oil prices also weighed on sentiment raising fears about sticky inflation and slowing global economic activity. U.S. crude prices touched the highest since November of last year, according to FactSet. Chevron shares were among the few premarket gainers.
In the only economic data point of note, the NFIB Small Business Index nudged lower to 91.3, down 0.6 points and slightly below the Dow Jones estimate of 91.5.
In Japan, the Nikkei 225 index gained 1% Tuesday, while in Hong Kong, the Hang Seng faded 0.4%.
Oil prices grew 75 cents to $88.04 U.S. a barrel.
Gold prices descended $9.70 to $1,937.50 U.S. an ounce.
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