U.S. stock futures were little changed on Tuesday, as investors navigated a slow start to December trading.
As of 5:23 P.M. (GMT+7), the Dow Jones Industrial Average futures edged up by 0.09%, or 44.10 points, to 47,333.50 points. S&P 500 contracts added by 0.18%, or 12.40 points, to 6,825.10 points, while Nasdaq 100 futures ticked up by 0.23%, or 59.30 points, to 25,402.10 points.
This muted action follows a negative session yesterday that snapped five-day winning streaks for all three major U.S. indices. Persistent inflation concerns, lofty equity valuations, and renewed doubts about the financial returns of heavy investment in artificial intelligence contributed to a risk-off tone.
Cryptocurrencies also extended losses yesterday, with Bitcoin decreasing as much as 7.2% and settling at a drop of 4.5%. Shares of crypto-related firms such as Coinbase and Robinhood each declined more than 4%.
Although the technology sector experienced significant volatility last month, the S&P 500 and Dow managed to post slight gains for November. Investors are now looking for new drivers that could boost momentum and sustain a rally through the end of the year.
Expectations for a December rate cut have risen sharply in advance of the Federal Reserve’s upcoming policy meeting. The CME FedWatch tool indicates markets are currently pricing in an 87% chance the Fed will lower rates on December 10.
Attention remains firmly on the Fed as policy shifts are anticipated following a year of outspoken criticism from President Donald Trump towards Fed Chair Jerome Powell. On Sunday, Trump signaled he had selected a successor for the central bank’s chief, but has yet to identify the nominee. Economic adviser Kevin Hassett has emerged as the leading contender.
Meanwhile, third-quarter corporate earnings continue to trickle in, with Marvell, CrowdStrike, and Okta all slated to report results on Tuesday.
