Stock futures slide as November rally pauses on some weak retail earnings: Live updates

The dollar index hit a low last seen in late August.

The index, which measures the U.S. greenback against a basket of foreign currencies, notched a session low of 103.18. That marked the cheapest level for the index since Aug. 31, when it reached 103.009.

— Alex Harring, Gina Francolla

Cloud stocks DigitalOcean and Cloudflare rose in Tuesday premarket trading following upgrades from Oppenheimer.

Analyst Timothy Horan upgraded DigitalOcean to outperform from perform, citing strong AI demand that’s set to bolster growth for the company. Notably, Horan, who anticipates rate cuts in 2024, expects easing monetary policy will support high growth names.

“We think growth is set to accelerate and are increasing outer-year estimates driven by several factors,” Horan wrote on Tuesday. “AI demand is clearly strong and enterprise adoption is set to surge as we move past the network grooming phase of cloud services.

His $37 price target represents roughly 30% upside for the stock. The stock popped nearly 3% in premarket trading.

Separately, Horan upgraded shares of Cloudflare to outperform from perform, citing strong demand and “interesting new user cases” around its new Workers platform that allows customers to run AI models.

The $85 price target suggests Cloudflare can rise 16%. The stock rose roughly 1% in premarket trading.

— Sarah Min

Best Buy cut its full-year sales outlook on Tuesday, just as the holiday shopping season ramps up in the United States.

The retailer said it now expects revenue to fall within a range of $43.1 billion to $43.7 billion. The previous guidance range was $43.8 billion to $44.5 billion.

The guidance comes along with Best Buy’s third-quarter report, in which the company showed $9.76 billion in revenue. Analysts surveyed by LSEG were expecting $9.90 billion. Best Buy CEO Corie Barry said in a press release that consumer demand has been “uneven and difficult to predict.”

Shares of Best Buy were down 5% in premarket trading.

— Jesse Pound, Melissa Repko

Lowe’s shares were down more than 5% in the premarket after home improvement retailer cut its full year outlook for sales amid less spending on do-it-yourself projects. The company now sees sales for the fiscal year coming at about $86 billion, down from a range of $87 billion to $89 billion.

Shares of Sunac surged on Tuesday after the beleaguered Chinese property developer said it has started executing its plans to overhaul its debt after satisfying restructuring conditions.

Hong Kong-listed shares of Sunac jumped 18% to 2.75 Hong Kong dollars, trading at its highest level in two months.

The restructuring involves a full discharge and release of the Sunac’s existing debt in exchange for the issuance of the new notes.

Read full story here.

— Shreyashi Sanyal

Asian chip stocks rose after a tech-powered rally on Wall Street, led by Microsoft and Nvidia on Monday.

Shares of Taiwan Semiconductor Manufacturing Corporation were up 1.39%, outperforming the Taiex’s gains of 1.01%.

Hon Hai Precision Industry, known internationally as Foxconn, advanced 0.5%.

Separately, South Korea’s Samsung Electronics, which also supplies chips to Nvidia for some of its graphics cards, saw its share price inch up by 0.69%.

South Korea’s producer price index climbed 0.8% year-on-year in October, a slower rate of increase compared with the 1.3% growth seen in the month before.

On a monthly basis, producer prices fell 0.1%, the first time in three months that the PPI fell month-on-month. The decrease was led by a 5.5% decrease in prices of agricultural, forestry & marine products.

The PPI measures monthly variations in the prices of goods shipped by industrial producers within the domestic market.

— Lim Hui Jie

Here are some of the stocks making moves in extended trading.

Agilent Technologies — Stock in the laboratory supplies company added nearly 7% after beating Wall Street estimates on the top and bottom line in the fourth-quarter. Agilent reported an adjusted $1.38 per share on $1.69 billion in revenue, while analysts polled by LSEG forecast an adjusted $1.34 and $1.67 billion.

Keysight Technology — The electronics stock climbed roughly 3% after surpassing earnings estimates. The company reported an adjusted $1.99 per share on $1.31 billion in revenue, while analysts polled by FactSet forecast an adjusted $1.87 per share and $1.30 billion.

— Brian Evans

Stock futures were little changed on Monday, following strong gains from tech firms Nvidia and Microsoft which helped lift the S&P 500.

Futures tied to the Dow Jones Industrial Average slipped 5 points, or 0.01%. S&P 500 futures and Nasdaq 100 futures hovered near the flatline.

— Brian Evans