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

US stock futures were little changed Monday night as investors assessed a fragile start to December trading.

Contracts tied to the Dow Jones Industrial Average (YM=F) and S&P 500 (ES=F) hovered near the flatline, while Nasdaq 100 futures (NQ=F) ticked up 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 Dec. 10 policy decision. Futures markets are pricing in an 87.6% probability of a cut, up significantly from mid-November, according to the CME FedWatch tool.

Investors are eyeing the Fed, primed for change, after a year of Trump butting heads with Fed Chair Jerome Powell. Trump said Sunday he has made his choice for replacing Powell. Despite Trump refusing to name 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.