Dow, S&P 500, Nasdaq futures wobble as Wall Street weighs jobs, inflation signals

US stock futures slipped overnight, poised to build on a string of recent slumps as investors continued to debate what the latest jobs data means for Federal Reserve policy and the health of the US economy.

Dow Jones Industrial Average futures (YM=F) fell below the flatline, while those on the S&P 500 (ES=F) lost about 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dipped 0.2%, after Wall Street stocks finished mixed in Tuesday’s session. 

After weeks in a data vacuum, Wall Street is trying to find a clear signal in a noisy November jobs report to pinpoint a path for interest rates next year. The data out Tuesday delivered a double surprise: a bigger number of jobs added last month than expected, alongside the highest unemployment rate since 2021.

But analysts warned there could be a sizable margin of error in the print, after a record-long government shutdown that disrupted federal data collection and releases. Given that, markets left odds on a January rate cut virtually unchanged, at just 25%.

Two key Fed members on Wednesday could offer clues on the path ahead, as the New York Fed’s John Williams and Fed governor Chris Waller are set to speak at separate appearances. Waller is also reportedly interviewing with President Trump on Wednesday as Trump moves closer to choosing his replacement for Chair Jerome Powell.

Meanwhile, markets are now waiting for the other data shoe to drop: Thursday’s update on consumer inflation in November. The Consumer Price Index is the other pivotal reading called out by Powell as feeding into the Fed’s rate decision next month.

Meanwhile, investors’ appetite for tech stocks remains in focus as questions about the AI trade persist. Micron Technology’s (MU) quarterly results are due after the bell on Wednesday, and are in higher focus as those worries ripple through the sector, even as the US semiconductor maker gets a boost from the memory chip squeeze.

Tesla (TSLA) has boosted the mood for techs in recent sessions. On Tuesday, it notched its first record close in about a year, amid growing investor enthusiasm over its robotaxi ambitions.