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Investing.com — U.S. stock futures fell Monday, as investors started the new week on a cautious note after the previous month’s strong gains on the back of robust earnings and expectations that the Fed was done with its rate hiking campaign.
By 07:10 ET (12:10 GMT), the Dow Jones Futures contract was down 105 points, or 0.3%, S&P 500 Futures traded 20 points, or 0.4%, lower and Nasdaq 100 Futures dropped 95 points, or 0.6%.
The benchmark S&P 500 hit its highest level this year on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow Jones Industrial Average has also advanced for five weeks straight and is up over 9% for the year, while the tech-heavy NASDAQ Composite has surged 37% in 2023.
Powell bolsters peak rates view
Remarks from Jerome Powell on Friday bolstered the peak rates view, with the Fed chair stating that the risks of the U.S. central bank slowing the economy more than necessary have become “more balanced” with those of not moving interest rates high enough to control inflation.
There will be no updates from Fed officials during the week as the central bank enters the traditional blackout period ahead of its Dec 12 – 13 meeting, meaning investors will have to concentrate on data releases for further monetary policy clues.
Monday’s economic slate centers around factory orders for October, but most eyes will be on Friday’s official jobs report as investors try and gauge whether growth in the world’s largest economy is continuing to level off.
Economists expect the U.S. economy to have added 180,000 jobs in November, after 150,000 jobs were created in October, with the unemployment rate remaining at 3.9%. Average hourly earnings are seen rising 0.3% on the month, an annual rise of 4.0%.
Alaska Air (NYSE:ALK) set to buy Hawaiian
In corporate news, Alaska Air agreed to acquire Hawaiian Holdings (NASDAQ:HA) for $1.9 billion, with the acquisition anticipated to close within the next 12-18 months.
Additionally, cryptocurrency exchange Coinbase Global (NASDAQ:COIN) traded sharply higher premarket after bitcoin crossed $40,000 for the first time this year.
Oil falls after OPEC’s voluntary cuts
Oil prices fell Monday, adding to last week’s late selloff amid uncertainty over the likely extent of the crude output cuts agreed by a group of top producers.
By 05:15 ET, the U.S. crude futures traded 0.6% lower at $73.64 a barrel, while the Brent contract dropped 0.5% to $78.49 per barrel.
Oil prices slumped more than 2% last week despite the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, announcing additional production cuts in order to support prices.
However, the cuts were voluntary in nature, and this has raised doubts about whether or not producers would fully implement them.
This uncertainty has outweighed the rising geopolitical tensions, with the resumption of the Israel-Hamas war after a recent ceasefire. Additionally, there was an attack on an American warship and commercial vessels in the Red Sea on Sunday, with Yemen’s Houthi group claiming drone and missile attacks on two Israeli vessels in the area.
The developments risk inflaming fears that the Israel-Hamas war could widen into a broader conflict, potentially impacting crude supply in the oil-rich region.
(Oliver Gray contributed to this item.)
Source: Investing.com
