US Stock Futures Trim Drop Before Nonfarm Payrolls: Markets Wrap

(Bloomberg) — US stock futures posted small moves as investors awaited a key jobs report that could offer clues on the path for interest rates. Brent crude dropped below $60 a barrel.

Contracts for the S&P 500 pared losses to trade little changed, with those on the Nasdaq 100 down 0.1%. Treasury 10-year yields were flat around 4.17%. Gold pulled back after five days of gains.

The November US jobs report on Tuesday is shaping up to be the main data event for markets in the last full trading week of 2025. A print that reinforces the picture of a sluggish economy could put the stock rally back on track by supporting bets for further rate cuts, while a big miss may spook markets.

“The employment numbers would need to surprise materially — either significantly stronger or weaker than expected — to meaningfully shift market expectations,” said Mathieu Racheter, head of equity strategy at Julius Baer.

The report will also include an estimate of October payrolls — figures that were delayed by the federal shutdown. Economists project a 50,000 increase in November payrolls and a 4.5% unemployment rate. The US consumer price index is scheduled for Thursday.

US PREVIEW: One Cold, One Hot – Payrolls to Confuse, Not Clarify

Bullish Outlook

Rate reductions and robust growth have propelled the MSCI All-Country World Index to a gain of almost 20% in 2025, notching a third straight year of double-digit increases.

According to a Bank of America Corp. monthly poll, money managers are confident about the outlook for 2026. Investor sentiment as measured by cash levels, stock allocation and global growth expectations rose to 7.4 in December on a scale capped at 10, the most bullish survey outcome in four-and-a-half years.

What Bears? BofA Poll Shows Sweeping Investor Optimism Into 2026

What Bloomberg Strategists Say…

“While investors will welcome the return of top tier US data points, timing and quality issues will limit their usefulness. …This will leave the space open for Fed officials to guide markets. Recall, the biggest inflection in Fed pricing in the run up to the December Fed announcement was brought about by Fed’s John Williams.”

— Adam Linton, macro strategist. For full analysis, click here.

In commodities, Brent crude slipped as much as 1.6% to $59.60 as indications grow that supply is outpacing demand against the backdrop of efforts to end the war in Ukraine.

The speculation around a possible ceasefire damped appetite for European defense stocks, with Germany’s Rheinmetall AG dropping as much as 4.6%, and Italy’s Leonardo SpA falling 4.5%.

Corporate News:

Nasdaq Inc., the second-largest exchange in the US, is looking for regulatory approval to extend trading hours on its stock venues to 23 hours during the work week. Pfizer Inc. forecast little growth in sales for next year as the drugmaker looks to refresh its pipeline of hit drugs with a series of pricey acquisitions. Mitsubishi UFJ Financial Group Inc. is nearing a deal to buy a minority stake in India’s Shriram Finance Ltd., the latest foreign bank seeking to build a presence in the world’s most populous country. PayPal Holdings Inc. applied to become a bank in the US, looking to take advantage of the Trump administration’s openness to financial-technology companies entering the banking system. Ford Motor Co. will take $19.5 billion in charges tied to a sweeping overhaul of its electric vehicle business after struggling for years to make it profitable. Gucci owner Kering SA will get $690 million following its sale of a stake in a New York property to French investment fund Ardian as part of the fashion group’s efforts to shrink its debt. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 7:26 a.m. New York time Nasdaq 100 futures fell 0.1% Futures on the Dow Jones Industrial Average were little changed The Stoxx Europe 600 fell 0.1% The MSCI World Index fell 0.1% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.1% to $1.1770 The British pound rose 0.4% to $1.3435 The Japanese yen rose 0.3% to 154.77 per dollar Cryptocurrencies

Bitcoin rose 1.1% to $87,133.06 Ether rose 0.2% to $2,950.54 Bonds

The yield on 10-year Treasuries was little changed at 4.17% Germany’s 10-year yield was little changed at 2.85% Britain’s 10-year yield advanced four basis points to 4.53% Commodities

West Texas Intermediate crude fell 1.5% to $55.96 a barrel Spot gold fell 0.3% to $4,291.25 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Toru Fujioka, Abhishek Vishnoi and Bernadette Toh.

©2025 Bloomberg L.P.