U.S. stock futures are little changed after markets stepped back from record highs on tech sector jitters; GameStop ( GME ) reports earnings after markets close today; Oracle ( ORCL ) shares drop as the tech firm’s revenue comes in lower than expected; European regulators reportedly are seeking information from Alphabet's ( GOOGL ) Google on its advertising program targeting teens on Meta Platforms' ( META ) Instagram; and Taiwan Semiconductor Manufacturing Co. ( TSM ) posts strong November sales, showing that AI demand remains strong for the Apple ( AAPL ) and Nvidia ( NVDA ) supplier. Here's what investors need to know today.
1. US Stock Futures Flat After Indexes Decline Monday
U.S. stock futures are little changed after major indexes began the week on a down note , due in part to weakness in the tech sector. Nasdaq and S&P 500 futures are ticking higher, while Dow Jones Industrial Average futures are pointing marginally lower. Investors are preparing to digest more earnings reports today and watching for inflation data later this week . Bitcoin ( BTCUSD ) is slightly lower at around $97,000, while gold futures are 0.6% higher. Oil futures are 0.5% lower and yields on the 10-year Treasury note are slightly higher at above 4.2%.
2. GameStop to Report Q3 Results After Bell
GameStop ( GME ) shares are edging lower in premarket trading ahead of the video game retailer's third-quarter earnings report after markets close today. The report comes after the stock briefly surged last week after a cryptic social media post by meme-stock hero Keith "Roaring Kitty" Gill evidently inspired some investors to buy in . GameStop stock is not widely followed by Wall Street analysts, with the one analyst tracked by Visible Alpha giving it an "underperform" rating and $10 price target, well below the $27.93 price shares closed at on Monday.
3. Oracle Stock Sinks on Lower-Than-Expected Revenue
Oracle ( ORCL ) stock is sinking 6% in premarket trading after the tech firm reported quarterly revenue that missed analysts' expectations . The cloud services giant, whose shares hit record highs last week on enthusiasm over artificial intelligence (AI) demand, reported revenue of $14.06 billion, up 9% year-over-year but below Visible Alpha estimates. Net income of $3.15 billion or $1.10 per share, up from $2.5 billion or 89 cents per share a year earlier, beat estimates. Adjusted earnings per share (EPS) of $1.47 slightly missed expectations.
4. European Regulators Reportedly Probe Google Over Teen-Targeted Ads
European regulators are seeking more information from Alphabet's ( GOOGL ) Google about the secret advertising partnership the search giant had with Instagram parent Meta Platforms ( META ), the Financial Times reported. The deal, which has since been ended, targeted Instagram advertisements to teenagers on YouTube , circumventing Google's rules barring personalized ads to those under 18. Shares of both Alphabet and Meta Platforms are higher in premarket trading.
5. Apple, Nvidia Supplier TSMC Posts November Sales Jump
Taiwan Semiconductor Manufacturing Co. ( TSM ) posted a 34% year-over-year jump in November sales, a signal that demand for AI-focused chips remains strong for the Apple ( AAPL ) and Nvidia ( NVDA ) supplier. The company reported November sales of 276.06 billion New Taiwan dollars ($8.48 billion), down 12% from October's figures, while revenue between January and November has jumped 32% year-over-year. U.S.-listed shares of TSMC, the world's largest contract chip manufacturer , are falling about 1% in premarket trading but have almost doubled this year.
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