US stock futures fell on Monday as investors awaited more economic data ahead of the Federal Reserve’s December monetary policy meeting later this month.
Dow Jones Industrial Average futures fell 110 points, or 0.3%. S&P 500 and Nasdaq 100 futures fell 0.3% and 0.1%, respectively.
Wall Street is exiting its second consecutive positive week, with the S&P 500 and Nasdaq advancing 1.1% and 2.1%, respectively. The Dow Jones advanced 0.2% last week.
The moves came after Federal Reserve Chairman Jerome Powell indicated that interest rate hikes could begin in December. The Federal Reserve is scheduled to meet December 13-14 and is expected to raise interest rates by 50 basis points, or 0.5 percentage point. On Friday, a stronger-than-expected jobs report shook the markets initially, but was later shaken up by traders.
“One of the things we are concerned about is that even if inflation does come down from here, the cost of going from, say, 4% to 2% inflation becomes increasingly high. And it will probably come with some big jolts in between. Bird’s Nicholas Bonsack said in a note on Friday.
“Ultimately, we think they will slow the pace at which they raise interest rates and then take a long time to watch the landscape and the impact that might have,” Bonsack added.
On the economic front, investors are expecting ISM Services data for November at 10 a.m. ET on Monday. Economists polled by Dow Jones expect a reading of 53.7.
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