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U.S. stock futures fell Monday as investors awaited more economic data ahead of the Federal Reserve’s December policy meeting later this month.
Futures for the Dow Jones Industrials dumped 157 points, or 0.5%, Monday to 34,302.
Futures for the S&P 500 slumped 20.75 points, or 0.5%, to 4,054.75.
Futures for the NASDAQ Composite retreated 50.75 points, or 0.4%, to 11,959.50.
Wall Street is coming off its second positive week in a row, with the S&P 500 moving forward 1.1%, and NASDAQ advancing 2.1%. The Dow advanced 0.2% last week.
Those moves came after Fed Chair Jerome Powell signaled that smaller interest rate hikes could start in December. The Fed is slated to meet Dec. 13-14 and is expected to raise rates by 50 basis points, or 0.5 percentage points. On Friday, stronger-than-expected jobs report initially rattled markets, but traders later shook it off.
Starbucks shares fell after Deutsche Bank downgraded the coffee giant, saying further gains will be harder to come by.
Shares in Silvergate Capital dipped after Morgan Stanley downgraded the company, saying a “high level of uncertainty” remains around the stock following the FTX collapse.
On the economic front, investors are expecting the November ISM services data at 10 a.m. ET on Monday. Economists polled by the Dow Jones are expecting a reading of 53.7.
In Japan, the Nikkei 225 nosed ahead 0.2% Monday, while in Hong Kong, the Hang Seng Index popped 4.5%.
Oil prices jumped $2.21 to $82.19 U.S. a barrel.
Gold prices picked up 30 cents to $1,809.90 U.S. an ounce.
