US futures slip, bitcoin soars, COP28 - what's moving markets
Investing.com — U.S. stocks are set to start the new week on a negative note, handing back some of the prior month's strong gains as traders await Friday's key jobs report. Bitcoin soars above $40,000, while crude retreats amid uncertainty over the actual extent of newly announced OPEC+ output cuts. The COP28 meeting is coming to an end, with its final agreement in dispute.
U.S. stock futures fell on Monday, handing back some recent gains at the start of the final month of the year.
By 05:15 ET (10:15 GMT), the Dow futures contract was 78 points, or 0.2%, lower, S&P 500 futures had dipped by 13 points or 0.3%, and Nasdaq 100 futures had fallen by 60 points or 0.4%.
The benchmark S&P 500 index hit its highest level this year on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow has also advanced for five weeks straight and is up over 9% for the year, while the tech-heavy Nasdaq Composite has surged 37% in 2023.
The averages have benefited from growing expectations that the Federal Reserve will keep interest rates unchanged later this month, before starting to cut next year.
Fed Chair Jerome Powell said on Friday that the risks of the U.S. central bank slowing the economy more than necessary have become «more balanced» with those of not moving interest rates high enough to control inflation, suggesting caution going forward.
There will be no updates from Fed officials during the week as the central bank enters the traditional blackout period ahead of its Dec 12 — 13 meeting, meaning investors will have to concentrate on data releases for further monetary policy clues, and Friday’s official jobs report in particular (see below).
The week’s key economic data release will be Friday’s November jobs
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