Tech stocks fall after Oracle results; euro slides

​Tech stocks were in retreat as Oracle posted slowing cloud sales, while the euro and pound weakened on concern the Europe faces a growing threat of stagflation.

Nasdaq 100 Index futures slipped 0.3 per cent, signaling the index will pare yesterday's 1.2 per cent rally. In Europe, packaging company Smurfit Kappa Group plunged 11 per cent after it announced a deal to combine with WestRock Co.

Tech stocks are set to be the center of attention on Tuesday, with Apple Inc. preparing to announce a new product lineup and SoftBank-owned chip designer Arm Ltd. gearing up for the biggest initial public offering of the year. Meanwhile, Oracle put a spotlight on the risks of investing in high-flying tech shares.

Oracle plunged 10 per cent in premarket trading, with Morgan Stanley analysts saying the results raise questions about the timing of generative AI demand turning into revenue across the broader business.