Stock market today: Dow, S&P 500, Nasdaq futures lean higher after stocks, bitcoin take a bruising

• StockStory Top Pick HOOD -4.09% CRWD -0.99%
• BTC-USD +0.23% NQ=F +0.20% YM=F +0.06%

US stock futures inched into the green on Tuesday as investors assessed a fragile start to December trading.

S&P 500 (ES=F) futures nudged up 0.1%, while those on the tech-heavy Nasdaq 100 (NQ=F) added 0,2%. Contracts on the Dow Jones Industrial Average (YM=F) hovered above the flatline.

The small but positive moves follow a down session on Wall Street that snapped five-day winning streaks for all three major indexes. That resurgence of risk-off sentiment was fueled by concerns about stubborn inflation, stretched valuations and the uncertain payoff from Big Tech's heavy AI spending.

Cryptocurrencies continued to slump, extending a retreat on Monday that saw bitcoin (BTC-USD) notch its worst day since March. But shares of crypto-linked names Coinbase (COIN) and Robinhood (HOOD) leaned higher after dropping more than 4% in the prior session.

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.

• 43 mins ago Grace O'Donnell

  MongoDB stock soars after revenue tops guidance, management issues upbeat full-year outlook

  MongoDB (MDB) stock rocketed up 2% in premarket trading on Tuesday after the cloud software company reported revenue well above its guidance for the third quarter.

  Strength in the Atlas platform drove an increase in revenue, which reached $628.3 million in the quarter, a 19% year-over-year increase. The company previously guided for revenue between $587 million and $592 million.

  MongoDB also recorded a $0.02 loss per share in its results on Monday, shallower than the $0.78 per share loss analysts were expecting, according to S&P Global Market Intelligence.

  "Q3 was an exceptional quarter," MongoDB CEO CJ Desai said. "Existing customers are expanding with us and net-new customer additions continue to show strength. Companies across industries and geographies are choosing MongoDB because we provide a unified data platform that powers mission-critical workloads today and also positions them to capitalize on the emerging AI platform shift."

  For the full year, the company expects revenue to hit $2.434 billion to $2.439 billion, up from its previous guidance of $2.34 billion to $2.36 billion.

• 46 mins ago Karen Friar

  Crypto's retail traders hit hard as Strategy ETFs plunge 80%

  Bloomberg reports:

  Retail investors who piled into Michael Saylor’s grand bitcoin (BTC-USD) experiment are paying a heavy price.

  Strategy Inc. (MSTR) — the company once hailed for wrapping crypto exposure into a public stock — is scrambling to calm markets after its shares plunged more than 60% from recent highs, amid a sweeping digital-currency rout.

  On Monday, Strategy said it had created a $1.4 billion reserve to fund dividend and interest payments, hoping to calm fears that it may be forced to sell bitcoin if prices fall further.

  But for many investors, the damage is already done. The most popular exchange-traded funds tracking Strategy’s volatile stock — MSTX and MSTU, which offer double the daily return — have both dropped more than 80% this year.

  That puts them among the 10 worst-performing funds in the entire US ETF market, out of more than 4,700 products currently trading — just behind obscure short bets against gold miners and semiconductor stocks.

  A third fund, known as MSTP, launched during the crypto mania in June, is down a similar amount since its debut. Together, the trio has lost about $1.5 billion in assets since early October.

  Read more here.

• 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.