Stock market today: Dow, S&P 500, Nasdaq futures stakk after stocks, bitcoin get hit to begin December

• StockStory Top Pick CRWD -0.99% HOOD -4.09%
• BTC-USD +0.28% ES=F +0.08% NQ=F +0.16%

US stock futures trod water on Tuesday morning as investors assessed a fragile start to December trading.

Contracts tied to the Dow Jones Industrial Average (YM=F), S&P 500 (ES=F) and tech-heavy Nasdaq 100 (NQ=F) all nudged down around 0.1%.

The lackluster trading follows a down session on Wall Street that snapped five-day winning streaks for all three major indexes. A resurgence of risk-off sentiment has been fueled by stubborn inflation concerns, stretched valuations and fresh questions over the payoff from heavy AI spending.

Cryptocurrencies extended their retreat Monday, with bitcoin (BTC-USD) sliding 6% for its worst day since March. Shares of crypto-linked names Coinbase (COIN) and Robinhood (HOOD) each dropped more than 4%.

Despite tech’s rough November, the S&P 500 (^GSPC) and Dow (^DJI) managed to post modest monthly gains. Traders are now watching for potential catalysts that could revive a year-end rally.

Expectations for a December rate cut have climbed sharply ahead of the Federal Reserve’s policy decision. Markets are pricing in an 87% probability of a cut on Dec. 10, up significantly from mid-November, according to the CME FedWatch tool.

Investors are eyeing the Fed, primed for change, after a year of Trump's public campaign against Jerome Powell. Trump said Sunday he has made his choice for replacing the Fed Chair. While Trump hasn't named an individual, White House economic adviser Kevin Hassett is seen as the most likely candidate.

Third quarter earnings season continues to slowly wind down with Marvell (MRVL), Crowdstrike (CRWD) and Okta (OKTA) all releasing reports on Tuesday.

• Today at 6:31 AM UTC Rian Howlett

  Asian shares make ground as US stocks slide

  Indexes across Asia saw solid gains throughout Tuesday's trading session as regional gauges made headway against Wall Street's decline, buoyed by rising global bond yields.

  Reuters reports:

  Read more here.