U.S. stock futures slipped Monday, pulling back after Friday's rally, which marked the fifth consecutive session of gains over the Thanksgiving weekend.
Markets remained downbeat Monday morning despite strong Black Friday sales, with online sales rising 9.4% from a year earlier and easing fears of the first sales decline in four years amid weakening consumer sentiment.
Investors await earnings from MongoDB Inc. (NASDAQ:MDB), CrowdStrike Holdings Inc. (NASDAQ:CRWD) and Salesforce Inc. (NYSE:CRM), among others, this week, following the long Thanksgiving weekend.
See Also: Global Shoppers Drive $36 Billion Thanksgiving Sales, Setting Up High-Stakes Black Friday
The 10-year Treasury bond yielded 4.04% and the two-year bond was at 3.49%. The CME Group’s FedWatch tool‘s projections show markets pricing a 87.6% likelihood of the Federal Reserve cutting the current interest rates during its December meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.40% |
| S&P 500 | -0.53% |
| Nasdaq 100 | -0.66% |
| Russell 2000 | -0.77% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Monday. The SPY was down 0.63% at $679.22, while the QQQ was lower by 0.78% at $614.42, according to Benzinga Pro data.
Stocks In Focus
NVIDIA
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NVIDIA Corp. (NASDAQ:NVDA) shares are down 1.16% pre-market, amid growing concerns regarding rising competition in the GPU space, with Google-parent Alphabet Inc. (NASDAQ:GOOG) unveiling its Ironwood AI tensor processing unit (TPUs), and its potential partnership with Meta Platforms Inc. (NASDAQ:META)
- According to Benzinga’s Edge Stock Rankings, Nvidia scores high on Momentum, Growth and Quality, with a favorable price trend in the long term. Click here for deeper insights into the stock, its peers and competitors.
NIO
- Chinese automotive startup, Nio Inc. (NYSE:NIO), is down 4% pre-market despite posting record vehicle deliveries and a decline in its losses during its third-quarter results last week.
- The stock scores high on Momentum in Benzinga’s Edge Stock Rankings, with a favorable price trend in the long term. Click here for deeper insights into the stock, its peers and competitors.
Intel
- Shares of Intel Corp. (NASDAQ:INTC) are down 1.11% pre-market, after surging 10% on Friday, after analysts suggested that the company could become a foundry supplier for some of Apple Inc.’s (NASDAQ:AAPL) M-series processors.
- Intel scores high on Momentum in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for more insights into the stock.
Bitmine Immersion Technologies
- Bitcoin mining company, Bitmine Immersion Technologies American Inc. (NYSEAMERICAN: BMNR) is down 6.39% pre-market, after surging 4.35% on Friday, after announcing a major new Ethereum (CRYPTO: ETH) purchase.
- The stock has a poor price trend in the short and medium terms, but has a favorable setup in the long run. Click here for deeper insights into the stock, its peers and competitors.
MongoDB
- Shares of database engine platform MongoDB Inc. (NASDAQ:MDB) are down 0.47% pre-market, ahead of the company’s third-quarter earnings on Monday evening after markets close.
- The stock scores high on Momentum and Growth in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
Cues From Last Session
All S&P 500 sectors barring health care were in the green on Friday, with energy, IT, communications and financial services leading the way.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | 0.65% | 23,365.69 |
| S&P 500 | 0.54% | 6,849.09 |
| Dow Jones | 0.61% | 47,716.42 |
| Russell 2000 | 0.58% | 2,500.43 |
Insights From Analysts
On the first trading day of the month, Ryan Detrick, chief market strategist at the Carson Group, pointed out that whenever the S&P 500 has been up more than 10% year-to-date heading into the final two months of the year, the index has finished those last two months in positive territory all 16 times on record.
On Sunday, in a post on X, Detrick concluded by saying that he still thinks Santa’s “coming to town in December,” hinting at a strong end to the year.
Upcoming Economic Data
No economic data is scheduled for Monday.
Commodities, Gold, Crypto, And Global Equity Markets
Crude oil futures climbed 1.69% in early New York trading, holding around $59.53 a barrel.
Gold Spot US Dollar rose 0.80% to hover around $4,253.07 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.19% lower at the 99.26521 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 4.20% lower at $86,640.39 per coin.
Asian markets were mixed on Monday, with Japan’s Nikkei 225, India’s Nifty 50 and Australia’s ASX 200 dropping, while China’s SHENZHEN and Shanghai were in the green. European markets had a similarly mixed start to the day.
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