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Harris-Trump debate scheduled for 9 p.m. ET
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Oracle jumps after Q1 results beat estimates
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Futures down: Dow 0.1%, S&P 500 0.08%, Nasdaq 0.21%
(Updated at 7:00 a.m. ET/1100 GMT)
By Shubham Batra and Shashwat Chauhan
Sept 10 (Reuters) - U.S. stock index futures were
marginally lower on Tuesday as caution prevailed ahead of key
inflation data later this week that could firm up bets on the
size of the interest rate cut that the Federal Reserve is
expected to deliver on Sept. 18.
Apple's ( AAPL ) shares were down nearly 1% in premarket
trading, with China's Huawei launching a tri-fold smartphone
hours after the debut of a new iPhone.
The iPhone maker also lost its fight against an order by EU
competition regulators to pay 13 billion euros ($14.34 billion)
in back taxes to Ireland as part of an EU crackdown against
sweetheart deals between EU countries and multinationals.
The focus this week continues to be on the August inflation
reading on Wednesday that is likely to show a slight moderation
in the headline number to 2.6% on a year-on-year basis, while it
is expected to remain unchanged at 0.2% on month.
The producer prices report will be released on Thursday.
Money markets are all but convinced that the U.S. central
bank will begin its policy easing cycle later this month, with
73% leaning toward a 25-basis point cut and expect the Fed to
ease monetary policy by a total of 100 bps by the end of 2024,
according to CME's FedWatch Tool.
"While most economists appear confident the 25-bps rate cut
will be confirmed on Sept. 18, a significant miss in tomorrow's
CPI report could also affect the rhetoric accompanying the Fed
rate cut," Achilleas Georgolopoulos, an investment analyst at
forex broker XM, said.
Wall Street's main indexes recorded gains of more than 1% on
Monday as investors looked for bargains following a week of
steep losses triggered by worries over the health of the U.S.
economy amid elevated interest rates.
Later on Tuesday, Philadelphia will be center stage when
Kamala Harris and Donald Trump meet in a highly anticipated
televised debate that could weigh heavily on the November
election. The two, who have never met in person, will square off
at 9 p.m. ET (0100 GMT) for a 90-minute debate hosted by ABC
News.
At 07:00 a.m. ET, Dow E-minis were down 39 points,
or 0.1%, S&P 500 E-minis were down 4.25 points, or
0.08%, and Nasdaq 100 E-minis were down 38 points, or
0.21%.
Among other movers, Oracle jumped 8.1% after
beating estimates for quarterly results and forecast
second-quarter revenue growth above expectations, boosted by
growing demand for its cloud offerings.
Hewlett Packard Enterprise ( HPE ) dropped 5.6% after the AI
server maker announced a $1.35 billion mandatory convertible
preferred stock offering to fund its acquisition of Juniper
Networks ( JNPR ).
($1 = 0.9065 euros)