US stocks witness a pause in November’s rally

With futures pointing to a weaker opening today after a decline in equities on Monday, US stocks show signs of a pause in its November rally
Investors are now turning their attention to a fresh batch of earnings reports expected from several tech and enterprise firms, including Nasdaq’s Intuit, Workday, Splunk, Hewlett Packard Enterprise, NetApp, and PDD Holdings.

In the cybersecurity sector, Zscaler’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’s stock experienced a 1.1% decline ahead of its own earnings announcement.

In other market news, Boeing received a boost from RBC Capital, which rated the aerospace giant as ‘Outperformer’ 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’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.