US stock futures stalled on Tuesday, struggling to shake off a losing session as investors counted down to the delayed release of the November jobs report, seen as pivotal to the path of interest rates next year.
Those worries will be put on the back burner to start Tuesday, as all eyes on Wall Street turn to the latest monthly employment figures. The late-arriving November nonfarm payrolls report will fill an economic data void caused by the US government shutdown — and fuel the big year-end debate over whether the Federal Reserve will halt or hasten policy easing in 2026.
A plurality of traders is betting on two rate cuts from the Fed next year, as policymakers focus on tackling the labor market rather that dealing with sticky inflation. The November report is expected to show a lackluster gain of 40,000 jobs when the print is released at 8:30 a.m. ET., while unemployment is seen at 4.4%. Investors also get a estimate on October payrolls, but only partial thanks to the US shutdown.
The jobs data will set the stage for another release on Thursday, with consumer inflation numbers for November set for an unveiling. Together, the two reports make up a chunk of the “great deal of data” Fed Chair Jerome Powell has flagged the central bank will study before its next rate decision in January.
A catch-up report on October retail sales is also on Tuesday’s docket, as are first looks at US manufacturing and services activity in December.
In corporates, Ford (F) shares rose in premarket trading after the automaker said it would take a $19.5 billion charge as part of a pivot away from electric vehicles. Later, focus will turn to Lennar (LEN) earnings due after the market close.
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Broadcom stock extends its slide
Broadcom (AVGO) stock moved 1% lower in premarket trading, putting shares on track to extend their slide for a fourth day.
The stock has declined by 16% in the past three days, including a 5.5% drop on Monday, following the company’s earnings. While Broadcom beat Wall Street’s estimates for its fiscal fourth quarter, investors viewed the chip developer’s AI backlog — $73 billion over the next 18 months — as a bit light.
That helped catalyze Broadcom’s worst three-day decline since March 2020, which in turn helped fuel a sell-off in tech names on Monday.
However, year to date, Broadcom stock is on a remarkable run and is on pace to return 46%.
Kraft Heinz names ex-Kellanova chief Steve Cahillane as new CEO
Kraft Heinz (KHC) stock edged higher on Tuesday after announcing that Steve Cahillane will become the next CEO of the company, effective January 1, 2026, according to a statement from the maker of Heinz ketchup.
Steve Cahillane, who used to be the CEO of Kellanova (K), will also join the company’s Board of Directors. Outgoing leader, Carlos Abrams-Rivera, will step down on January 1 and will serve as advisor to the company until March 6, 2026, the statement said.
Kraft Heinz announced in September that it plans to split into two companies. The group’s stock price has fallen 22% so far this year.
Oil prices fall as hopes grow for Ukraine peace talks
Oil continued to slide on Tuesday amid concerns about a supply surplus and hopes of a breakthrough in Ukraine peace talks.
Brent crude futures (BZ=F) fell 1.4% to break below $60 a barrel for the first time since May, trading near their lowest since 2021. Meanwhile, US benchmark West Texas Intermediate futures (CL=F) dropped roughly 1.6% to just below $56 a barrel.
Premarket trending tickers: Roku, Gitlab, and Zillow
Roku (ROKU) shares rose 4% before the bell following Morgan Stanley’s upgrade to Overweight from Equal Weight, along with a price target increase to $135 from $85.
Gitlab (GTLB) stock fell 3% during premarket trading on Tuesday after being downgraded by analysts at KeyBanc, who cut their rating to Sector Weight from Overweight.
Zillow (Z) stock dropped 2% in premarket trading. The housing app closed 8% down on Monday, following news that Google (GOOG) thawill start to test real estate listings in its search results.
Nasdaq seeks SEC approval for 23-hour trading during weekdays
Bitcoin breaches $86,000 while sinking toward year’s lows
Bloomberg reports:
Bitcoin (BTC-USD) dropped below $86,000 for the first time in two weeks, with investor sentiment weakening as the largest cryptocurrency slips deeper into bear market territory.
Bitcoin has been drifting toward the lower bound of its recent trading range with any bounce in price being met by selling from investors who purchased the original cryptocurrency near the all-time high reached in early October, analysts said.
… “We’ve continued to trade this very choppy range between 85k-94k in BTC, with a continued lack of interest and low volumes broadly across crypto markets,” said Bohan Jiang, senior derivatives trader at FalconX.
Bitcoin has continued to fall with other risk assets in recent weeks but hasn’t rebounded when they have, breaking its usual upside correlation. The slide highlights what analysts see as a market squeezed by weak liquidity and fading risk appetite even after the Federal Reserve’s rate cut last week.
