U.S. stock futures were little changed Monday evening after Wall Street closed lower, as markets digested disappointing manufacturing data, rising odds of a Federal Reserve rate cut, and speculation over who might succeed as Fed Chair.
S&P 500 Futures inched up 0.1% to 6,832.75 points, while Nasdaq 100 Futures gained 0.2% to 25,434.75 points by 20:16 ET (01:16 GMT). Dow Jones Futures traded unchanged at 47,353.0 points.
ISM Manufacturing, Fed cut bets in focus Wall Street closed lower in regular trading, with the S&P 500 declining 0.5% and the NASDAQ Composite falling 0.4%, while the Dow Jones Industrial Average slipped 0.9%.
The latest data from the Institute for Supply Management showed that U.S. manufacturing contracted for a ninth straight month in November. The ISM manufacturing index slipped to 48.2 from 48.7 in October, remaining below the 50 level that signals contraction.
New orders, employment, and backlogs all weakened, reinforcing concerns that the sector is struggling to find momentum heading into year-end.
The softer economic tone has further strengthened expectations of a shift in Fed policy. Interest-rate futures suggest investors now assign an 86% probability to a 25-basis-point cut at the Dec. 9–10 meeting.
The move is being driven by a combination of cooling data, easing inflation pressures, and recent remarks from senior Fed officials that hinted at the possibility of lower rates starting sooner than previously anticipated.
The prospect of new leadership at the Fed is adding another layer of uncertainty. The White House is considering several candidates to succeed Powell, whose term expires early next year.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Potential nominees reportedly discussed by officials include figures viewed as more dovish than Powell, a factor that has contributed to expectations for a softer policy stance in 2026.
Crypto-related stocks under pressure
Renewed weakness in Bitcoin amplified risk aversion across parts of the equity market. The cryptocurrency tumbled over 7% on Monday, slipping below the $85,000 mark and triggering broad declines in stocks tied to digital-asset exposure.
Strategy Inc (NASDAQ:MSTR), the largest corporate holder of Bitcoin, fell as much 12% as the slide deepened concerns about the value of its holdings.
Coinbase dropped about 5%, while Robinhood slipped more than 4%. Bitcoin mining companies, including Marathon Digital and Riot Platforms, also declined between 7% and 9% as lower prices compressed mining margins.
