At-a-Glance
Today’s Top Highlights
The equity index futures, including the S&P 500 and Nasdaq, began the week in consolidation mode after sharp losses late last week, as traders assessed the impact of the ongoing sell-off in high-valuation technology stocks. The recent weakness has been primarily driven by concerns over a potential "AI bubble", with disappointing earnings and lowered guidance from several major hardware and cloud infrastructure companies prompting a major profit-taking rotation out of growth names. While the S&P managed to show marginal resilience and the Nasdaq futures started the session slightly higher as dip-buyers emerged, both contracts remain extremely sensitive to any further negative news from the technology sector. The modest volume suggests a wait-and-see attitude, with institutional investors holding back on making big directional bets ahead of the critical economic calendar.
Market focus is now fixed on the deluge of delayed economic data set for release tomorrow. Due to prior government disruptions, the Bureau of Labor Statistics will release the highly anticipated Nonfarm Payrolls figures for both October and November, along with the Unemployment Rate and Average Hourly Earnings. Simultaneously, the Advance Monthly Retail Sales report will be published. This combination provides a comprehensive look at the health of the labor market and the consumer—the two pillars of the economy that the Federal Reserve has seemed to be most concerned about. The market's reaction will depend heavily on whether the jobs and retail sales data suggest the economy is weakening enough to necessitate further interest rate cuts by the Fed in 2026.
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