December S&P 500 futures fell for the second consecutive session, down by more than 1% from new all-time highs reached on September 19. A 20.5% jump in new home sales in August, the highest increase since March 2022, was a trigger for equities to turn negative. This, combined with Federal Reserve Chair Jerome Powell's comments about elevated inflation risks and highly valued equities, soured market participants on the prospect of further rate cuts.