US stock futures retreated on Tuesday, set to extend a slide as investors counted on the delay of the November jobs report, seen as decisive on the path of interest rates next year.
Dow Jones Industrial Average futures (YM=F) fell 0.2%, while the pegged S&P 500 (ES=F) fell 0.3%. Contracts on the tech-heavy Nasdaq (NQ=F) sank 0.5%, after indexes started the week with losses.
Tech led Monday’s losses as the bubble continued around big names like Oracle ( ORCL ) and Broadcom ( AVGO ), following their lackluster earnings results last week.
Those concerns will be put on the back burner to begin Tuesday, as all eyes on Wall Street turn to the latest monthly jobs data. A late-arriving November nonfarm payrolls report will fill the economic data void caused by the U.S. government shutdown — and fuel a major year-end debate about whether the Federal Reserve should hold off or accelerate policy easing in 2026.
A majority of traders are betting on two rate cuts from the Fed next year, as policymakers focus on addressing the labor market rather than dealing with sticky inflation. The November report is expected to show a smaller gain of 40,000 jobs when it goes to print at 8:30 a.m. ET. , while unemployment is seen at 4.4%. Investors also get an estimate on October payrolls, but only partially thanks to the U.S. shutdown.
Employment data will set the stage for the next release on Thursday, with consumer inflation numbers for November set to be unveiled. Together, the two reports form part of a “great deal of data” that Fed Chairman Jerome Powell has flagged that the central bank will study before making its next rate decision in January.
In corporates, shares of Ford ( F ) rose in after-hours trading after the automaker said it would take a $19.5 billion charge as it pivots away from electric vehicles.
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Nasdaq seeks SEC approval for 23-hour trading on weekdays
Bloomberg reports:
Nasdaq Inc. (NDAQ), America’s second-largest exchange, is seeking regulatory approval to expand trading hours at its stock locations to 23 hours during the work week.
The firm has asked the Securities and Exchange Commission for permission to add an additional trading session from 9 a.m. to 4 a.m. ET, according to a Monday filing. This will be on top of the pre-market, regular and post-market hours the firm already operates, the firm said.
… The exchange underscores the growing interest in trading U.S. stocks outside of traditional market hours, which run from 9:30 a.m. ET to 4 p.m. Market participants outside the U.S. trade welcomed the prospect of faster pricing in earnings and macroeconomic developments, although they warned that near-constant trading would give investors less time to digest extreme headlines. Liquidity is thin.
… Nasdaq’s move is “absolutely a game-changer,” said Dillin Wu, research strategist at Australia’s Pepperstone Group. “This effectively brings US stocks into our local trading hours, increasing liquidity and allowing investors here to react in real time rather than waiting for overnight sessions. For anyone active in tech or high-beta US equities, this is a truly significant step towards global markets.”
Read more here.
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