U.S. stock futures slipped early Monday, entering December on a negative note after the holiday-shortened trading week ended with notable gains. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.69%, 0.56%, and 0.46%, respectively, at 3:18 a.m. EST on December 1.
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Last week, the S&P 500 surged by 3.7%, the Nasdaq rose 4.9%, and the Dow increased by 3.2%. However, markets saw a poor overall performance in November amid growing uncertainty about the future profitability of AI firms and their sky-high valuations. The S&P 500 and the DJIA ended the month flat, while the Nasdaq fell 1.5%, breaking its seven-month streak of gains.
Looking ahead, traders anticipate a recovery in December since the S&P 500 typically rises by over 1% during the month, securing its position as the third-best month for the index since records began in 1950, according to the Stock Trader’s Almanac.
For the week, a slew of key economic reports are expected, including S&P Global Manufacturing PMI Final, construction spending, balance of trade, initial jobless claims, Personal Consumption Expenditure (PCE) price index, factory orders, among others.
Earnings season is wrapping up, with a few notable companies yet to report, including Salesforce (CRM), Snowflake (SNOW), CrowdStrike (CRWD), Marvell Technology (MRVL), and Hewlett Packard Enterprise (HPE).
Notably, the U.S. 10-year Treasury yield was up, floating near 4.04%. WTI crude oil futures were trending higher, hovering near $59.71 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,253 per ounce on Monday.
Elsewhere, in Europe, markets opened mostly lower on Monday as traders keep a close eye on the progress of the Ukraine-Russia peace deal.
Asia-Pacific Markets Traded Mixed
Asia-Pacific markets traded mixed on Monday. China’s factory activity unexpectedly contracted in November, according to a private survey released Monday, amid persistently weak domestic demand. Moreover, Beijing’s digital-currency risk warning pressured Hong Kong financial stocks linked to cryptocurrencies.
Hong Kong’s Hang Seng Index rose 0.49%. In China, the Shanghai Composite gained 0.65%, while the Shenzhen Component rose 0.97%. Meanwhile, Japan’s Nikkei declined 1.89%, and the Topix fell 1.19%.
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