Stock Futures Await U.S. Inflation Data

Stock futures are showing modest gains ahead of the release of U.S. inflation data. Economists predict that the consumer price index (CPI) increased at a 3.1% annual pace in November, slightly lower than the 3.2% recorded in October. This data is expected to influence the Federal Reserve's decision to maintain interest rates during their Wednesday meeting.

Stocks to Watch Today

Here are the stocks that are expected to make notable moves on Tuesday:

Oracle (ORCL)

Oracle shares dropped 8.4% after reporting second-quarter revenue of $12.94 billion, missing analysts' estimates of approximately $13.1 billion. The software company reported a 25% increase in overall cloud revenue, reaching $4.8 billion compared to the previous year. However, this growth rate slowed down from 29% in the first quarter. Oracle projects a 6% to 8% revenue growth in the third quarter, including the Cerner business, with analysts anticipating revenue of $13.3 billion.

Hasbro (HAS)

Hasbro announced that it would be reducing its workforce by nearly 20% due to weak sales of toys and games. CEO Chris Cocks explained that Hasbro experienced lower-than-expected toy sales in the first three quarters of 2023, a decline from the height of pandemic-driven sales. The company has already cut about 800 jobs earlier this year. The stock fell 3.2%. Shares of fellow toy maker Mattel declined 1.8%.

Alphabet (GOOGL)

Alphabet, the parent company of Google, saw a 1.1% decrease in stock value as the search giant lost an antitrust case filed by Epic Games, a video game maker. A California federal jury determined that Google maintained a monopoly in its app store's distribution and payments market. Google has announced that it plans to appeal the decision.

Ford (F)

Ford shares were up 0.2% following reports that the company would reduce production of its electric F-50 Lightning pickup truck by around 50% in 2024. Although a Ford spokesperson did not provide specific details, they mentioned that the company would align production with demand.

Lucid (LCID)

Luxury electric vehicle manufacturer, Lucid, experienced a 3% decline in stock value after Chief Financial Officer Sherry House announced her immediate resignation to pursue other opportunities.

Additionally, Johnson Controls International is scheduled to report quarterly earnings today.

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