U.S. stock futures were largely unchanged on Monday evening after Wall Street finished lower. Investors continued to absorb weaker manufacturing data, rising expectations for a Federal Reserve rate cut, and growing speculation about who may be appointed as the next Fed Chair.
S&P 500 futures edged up 0.1% to 6,832.75 points, while Nasdaq 100 futures rose 0.2% to 25,434.75 points as of 20:16 ET (01:16 GMT). Dow Jones futures traded flat at 47,353.0 points.
ISM manufacturing data and Fed cut expectations
Stocks declined during regular trading on Monday, with the S&P 500 falling 0.5%, the NASDAQ Composite down 0.4%, and the Dow Jones Industrial Average slipping 0.9%.
Fresh data from the Institute for Supply Management showed U.S. manufacturing contracted for the ninth consecutive month in November. The ISM manufacturing index declined to 48.2 from 48.7 in October, staying below the 50 threshold that signals contraction.
Weakness in new orders, employment, and backlogs added to concerns that the manufacturing sector is losing momentum heading into year-end.
The softer economic backdrop has boosted expectations that the Fed may shift toward a more accommodative policy. Interest-rate futures now imply an 86% chance of a 25-basis-point cut at the December 9–10 meeting.
This shift is supported by cooling economic indicators, easing inflation pressures, and recent comments from senior Federal Reserve officials suggesting rates could move lower sooner than previously expected.
An additional source of uncertainty comes from the potential change in Fed leadership. The White House is evaluating candidates to replace Chair Jerome Powell, whose term ends early next year.
Some of the potential nominees being considered are viewed as more dovish than Powell, reinforcing expectations for a softer policy tone in 2026.
Bitcoin slump pressures crypto-related stocks
A renewed decline in Bitcoin added to risk aversion across the equity market. The cryptocurrency fell more than 7% on Monday, dropping below $85,000 and triggering widespread losses in companies tied to digital assets.
Strategy Inc (NASDAQ:MSTR), the largest corporate holder of Bitcoin, tumbled as much as 12%, intensifying concerns over the value of its holdings.
Coinbase shares declined around 5%, while Robinhood fell more than 4%. Bitcoin mining firms, including Marathon Digital and Riot Platforms, dropped between 7% and 9% as falling prices compressed mining profitability.
