Futures tied to the major U.S. equity benchmarks pointed lower, signalling a cautious start to the trading week as investors awaited a heavy slate of economic releases, led by a long-delayed labour market report. Attention is also turning to potential changes in U.S. market structure, with reports suggesting Nasdaq is seeking approval to extend trading hours, while homebuilder Lennar is due to release earnings later in the day.

Futures point to a softer open

U.S. stock futures moved lower in early trading, reflecting investor wariness ahead of critical data, particularly on employment.

By 02:45 ET, Dow Jones futures were down 185 points, or 0.4%, S&P 500 futures had slipped 47 points, or 0.7%, and Nasdaq 100 futures were lower by 261 points, or 1.0%.

The declines follow a weak prior session on Wall Street, which marked a subdued start to the final full trading week of 2025. While stocks attempted a rebound during Monday’s session, the recovery faded, as analysts pointed to ongoing doubts over the durability of the artificial intelligence-led rally. Those concerns were reinforced by underwhelming recent earnings and outlooks from AI-exposed companies including Broadcom (NASDAQ:AVGO) and Oracle (NYSE:ORCL).

Investors also digested reports that Kevin Hassett, a senior White House economic adviser, may be facing resistance in his potential bid to become the next Chair of the Federal Reserve. Hassett has been seen as supportive of President Donald Trump’s push for rapid and aggressive rate cuts, though CNBC reported that some officials close to the president are uneasy about his proximity to the White House.

By the close on Monday, both the S&P 500 and the tech-heavy Nasdaq Composite had suffered their steepest one-day declines in more than three weeks.

Jobs report takes centre stage

Markets are now turning their attention to a wave of U.S. economic data due later Tuesday, which could offer fresh insight into the health of the economy and shape expectations for future Federal Reserve policy.

At the top of the agenda is the November nonfarm payrolls report from the Bureau of Labor Statistics. According to Reuters estimates, economists expect payroll growth of a modest 35,000 jobs. The report will also incorporate October payroll data, which were never released due to a data blackout caused by a record-long federal government shutdown.

A new unemployment rate will also be published. Because the government shutdown lasted 43 days, October’s unemployment figures were never collected, creating an unprecedented gap in the data series.

Additional releases scheduled for later in the day include retail sales figures and a flash reading on business activity. Looking further ahead, the BLS is due to publish November consumer price inflation data later this week, amid uncertainty over how much information from the cancelled October report will be reflected.

The data come shortly after the Federal Reserve cut interest rates by 25 basis points last Wednesday, citing the need to support employment while inflation pressures appear stable, though still elevated. Importantly, policymakers did not have access to the most recent economic indicators at the time, meaning this week’s figures could influence the Fed’s policy path in the months ahead.

Nasdaq seeks longer trading hours – report

Nasdaq is reportedly pushing for regulatory approval to significantly extend trading hours on its stock exchanges, potentially allowing trading for up to 23 hours a day during the work week, according to Bloomberg News.

In a filing submitted to the U.S. Securities and Exchange Commission on Monday, Nasdaq requested permission to add an overnight trading session running from 9 p.m. to 4 a.m. ET, in addition to its existing pre-market, regular, and after-hours sessions.

The move reflects surging global demand for U.S. equities, prompting regulators to examine proposals that would stretch trading beyond traditional hours. U.S. stocks account for roughly two-thirds of global equity market value, and foreign ownership of U.S. shares reached $17 trillion last year, according to Nasdaq data cited by Reuters.

Nasdaq has reportedly been exploring a transition to near round-the-clock, five-days-a-week trading. Earlier this year, Nasdaq President Tal Cohen said discussions with regulators were underway and that any changes could take effect in the second half of 2026.

Lennar earnings due

Corporate earnings are relatively light on Tuesday, with the main focus on results from homebuilder Lennar Corporation (NYSE:LEN), due after the close of U.S. trading.

In a note to clients, analysts at Vital Knowledge said sentiment around the stock remains “cautious,” “as the housing industry’s downturn looks set to persist for several more quarters given muted demand and margin headwinds.”

Bloomberg consensus forecasts point to adjusted earnings of $2.24 per share on revenue of $9.1 billion for Lennar’s fiscal fourth quarter, with net new orders estimated at 20,288.

The company reported a 46% drop in profit in the third quarter, pressured by persistent inflation that has weighed on housing affordability. Despite the Fed’s renewed rate-cutting cycle, U.S. bond yields have stayed relatively high, keeping mortgage rates elevated. Lennar has responded with incentives such as mortgage rate buydowns and pricing adjustments, though these measures risk compressing margins.

Oil prices slide on Ukraine peace hopes

Oil prices fell sharply as increased optimism over a potential Russia–Ukraine peace agreement raised the prospect of sanctions being eased.

Brent crude futures were last down 1.2% at $59.82 a barrel, while U.S. West Texas Intermediate crude dropped 1.3% to $55.95 a barrel.

U.S. officials have pointed to tentative progress in peace discussions, with Ukraine reportedly willing to abandon its bid to join NATO — a key Russian demand — while Washington has offered security guarantees to Kyiv. However, negotiations over territorial concessions remain unresolved.

Any breakthrough could eventually lead to the lifting of U.S. sanctions on Russian oil producers, potentially adding supply to an already well-supplied global market.

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