US stock futures retreated on Tuesday, set to extend a slide as investors counted down to the delayed release of the November jobs report, seen as pivotal to the path of interest rates next year.
Dow Jones Industrial Average futures (YM=F) fell 0.3%, while those tied to the S&P 500 (ES=F) shed 0.6%. Contracts on the tech-heavy Nasdaq (NQ=F) sank 0.9%, after the indexes kicked off the week with slight losses.
Tech led Monday’s losses, with AI jitters continuing to bubble around big names such as Oracle (ORCL) and Broadcom (AVGO) after their underwhelming earnings results last week.
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 50,000 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 delayed 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.
In corporates, Ford (F) shares rose in after-hours trading after the automaker said it would take a $19.5 billion charge as part of a pivot away from electric vehicles.
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