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U.S. stock futures ticked higher on Tuesday, as investors weighed soft manufacturing data, rising expectations of a Federal Reserve rate cut next week, and uncertainty over who will replace Jerome Powell as Fed Chair.
By 05:55 ET (10:55 GMT):
- Dow Jones futures were up 80 points (+0.2%)
- S&P 500 futures gained 20 points (+0.3%)
- Nasdaq 100 futures rose 112 points (+0.4%)
The move followed declines on Monday that snapped a five-session winning streak for the main indices. Sentiment was pressured after the ISM manufacturing index showed the sector contracted for a ninth straight month in November, underscoring ongoing headwinds from broad-based tariffs.
Fed Rate Cut Bets Firm After Weak Data
The latest ISM figures reinforced expectations that the Fed will shift to easier policy at its December 9–10 meeting. Interest-rate futures now imply an 86% probability of a 25-basis-point cut, reflecting:
- Continued softening in economic data
- Signs of easing inflation pressures
- Recent comments from senior Fed officials hinting that rate reductions could begin sooner than previously expected
Leadership uncertainty at the central bank is adding to the mix. The White House is considering several candidates to succeed Jerome Powell, whose term expires next year.
BofA Global Research on Monday revised its outlook, now forecasting a 25 bps cut in December after previously expecting no change. It also projects two additional quarter-point cuts in June and July 2026, which would bring the federal funds rate down to 3.00%–3.25%.
White House economic adviser Kevin Hassett has reportedly emerged as the frontrunner for the Fed chair role, raising expectations of a more dovish tilt given his perceived support for looser policy.
Marvell in Focus on Quiet Earnings Day
On a relatively light earnings calendar, Marvell Technology (NASDAQ: MRVL) is set to take center stage after the close.
The chipmaker, a key competitor to Broadcom (NASDAQ: AVGO) in custom and networking semiconductors, is reportedly in advanced talks to acquire AI hardware startup Celestial AI in a multi-billion-dollar cash-and-stock deal.
Other names likely to be in focus after reporting results late Monday include:
- MongoDB (NASDAQ: MDB)
- Vestis (NYSE: VSTS)
- Credo Technology (NASDAQ: CRDO)
Bitcoin-Linked Stocks Under Pressure
Crypto-exposed equities will also remain under scrutiny after Bitcoin tumbled more than 7% on Monday, slipping below $84,000 and triggering broad declines across digital-asset plays.
- MicroStrategy (NASDAQ: MSTR), the largest corporate holder of Bitcoin, fell as much as 12%, as the slide raised fresh questions about the value of its holdings
- Coinbase dropped around 5%
- Robinhood fell more than 4%
- Bitcoin miners such as Marathon Digital (NASDAQ: MARA) and Riot Platforms retreated between 7% and 9%, with lower crypto prices squeezing mining margins
