United States stock futures were little changed on Monday night (Tuesday AEDT) after Wall Street’s major indexes retreated at the start of December, snapping five-day win streaks and reflecting a turn towards risk-off sentiment.
By 10:40 am AEDT (11:40 pm GMT) Dow futures, S&P 500 futures were flat while Nasdaq 100 futures ticked up 0.1%.
Monday’s regular session saw the market lose momentum, with concerns around persistent inflation, stretched valuations and uncertainty over the long-term returns on artificial intelligence investment weighing on the recent bull run.
Cryptocurrencies were hit particularly hard, with Bitcoin sliding 6% in its worst daily performance since March.
Shares of Coinbase and Robinhood each dropped more than 4%.
Among the so-called “Magnificent Seven”, Alphabet, which surged in November, gave back some of its gains, falling 1.7%.
Other major tech names, including Palantir and Broadcom, also ended lower. Traditional safe-havens firmed, with gold prices rising and Treasury yields moving higher.
Despite a sluggish November for technology stocks, the broader market managed to notch only modest gains, with the S&P 500 and the Dow eking out slight monthly advances.
Attention turns to the Federal Reserve’s two-day policy meeting concluding on 10 December. Traders are increasingly confident the central bank will move ahead with an interest rate cut.
Markets are pricing an 87.6% probability of a reduction, significantly higher than mid-November expectations, according to the CME Group FedWatch Tool.
