Stock futures are mixed as traders await consumer inflation report: Live updates
A slide in chip stocks and mixed bank results on Tuesday weighed on the major averages.
TL;DR
- U.S. stock futures were mixed as investors awaited the September consumer price index report.
- Bank of America shares dropped after incurring over $1.2 billion in federal penalties for failing to report suspicious transactions.
- Chip stocks declined due to fears of an AI spending bubble and competition from China.
- ASML reported strong third-quarter profits and noted customer interest in placing orders for semiconductor tools through 2030.
- Oil prices increased amid escalating tensions in the Middle East between Iran-backed Houthis and Saudi Arabia.
- Hyundai Motor Group announced plans to invest $15.5 billion in India by 2032.
- China's producer prices rose at their fastest pace since June 2022, exceeding expectations.
- Singapore's third-quarter GDP growth softened but beat estimates.