Bansari Kamdar

(Reuters] – Wall Street stock futures were subdued on Tuesday due to mixed earnings and further declines at Meta Platforms. This was in anticipation of the inflation data next week, which may offer insight into interest rate trends.

Pfizer Inc (NYSE) dropped 3.7% during premarket trading following Wall Street’s disappointment with the full-year forecast for sales for COVID-19 vaccine, antiviral drugs and COVID-19 vaccine. Coty Inc (NYSE) gained 3.4% in postmarket trading, after increasing its 2022 earnings forecast.

After Meta Platforms, Facebook’s owner fell 5% Monday, the major U.S. stockindices suffered further losses. The company had lost billions of dollars in market value over the past week and its grim outlook continued.

The shares dropped another 1.7% Tuesday, as billionaire investor Peter Thiel decided that he would not be a member of the company’s board.

Dennis Dick, who is a trader with Bright Trading LLC in Las Vegas stated that “we have a rising interest rates environment which hasn’t been seen since 2018, and there are many investors in high-growth names that continue seeing weakness.”

“You will see money rotating to lower multiple names, and more value-oriented markets.”

Nvidia Corp (NASDAQ) dropped 1.2% on the news that SoftBank Group Corp had canceled its huge sale of Arm Ltd, a chipmaker worth up to $80billion, citing regulatory issues.

At 08.24 a.m. ET were up 50 point, or 0.144%. They were also down 1.75 points (0.04%) and down 27.25 percent, or 0.199%.

Stocks of the United States have started the year with a rough start, due to concerns about aggressive U.S. Federal Reserve policy tightening, geopolitical tensions between Ukraine, and mixed results from Big Tech companies weighing heavily on major indexes.

The U.S. Consumer Prices Data will be out on Thursday. It comes after last week’s strong U.S. Labor data that placed extra emphasis on inflation. These numbers will be at 7.3% for the fourth time in four years.

Peloton Interactive (NASDAQ) Inc fell 2.8% following a reduction in its revenue forecast. The company announced that it will replace its chief executive officer and cut jobs, and appoint new board member as it struggles with waning sales of its fitness products at home.

General Motors Co. (NYSE: ) dropped 3.9% following the announcement Morgan Stanley (NYSE:) The automaker was downgraded to “equal weight” instead of “overweight”.

According to data from Refinitiv, of the 281 companies that had reported earnings, only 78.3% exceeded analysts’ profit estimates. This compares with an average 84% for the last four quarters.