Wall Street braces for more earnings after Monday's dip

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Wall Street braces for more earnings after Monday's dip

The U.S. stock market is showing signs of a pause in its November rally, with futures pointing to a weaker opening today after a decline in equities on Monday. Investors are now turning their attention to a fresh batch of earnings reports expected from several tech and enterprise firms, including Intuit (NASDAQ: INTU ), Workday (NASDAQ: WDAY ), Splunk (NASDAQ: SPLK ), Hewlett Packard Enterprise (NYSE: HPE ), NetApp (NASDAQ: NTAP ), and PDD Holdings.

In the cybersecurity sector, Zscaler (NASDAQ: ZS )'s shares fell 6.6% in premarket trading despite the company reporting strong first-quarter results. The drop comes as Zscaler maintained its fiscal-year billings forecast in the range of $2.52 to $2.56 billion, potentially dampening investor enthusiasm. Similarly, CrowdStrike (NASDAQ: CRWD )'s stock experienced a 1.1% decline ahead of its own earnings announcement.

In other market news, Boeing (NYSE: BA ) received a boost from RBC Capital, which rated the aerospace giant as 'Outperform' and raised its price target to $275, citing positive projections for 2024. Boeing's stock responded favorably, climbing 1.7%.

Meanwhile, Acelyrin saw its shares tumble by 8.2% in after-hours trading. The biotech firm encountered a setback due to a programming error in their izokibep clinical trial for psoriatic arthritis, which was attributed to a vendor oversight.

Despite facing scrutiny from the European Commission over competitive concerns, iRobot (NASDAQ: IRBT )'s premarket shares saw an uptick of 1.8%. This increase comes as a silver lining following the company's significant loss on Monday, as it navigates the complex regulatory landscape of its acquisition proposal by Amazon.com (NASDAQ: AMZN ).

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