Stock Market Today, December 2, 2025: What to Know Before the U.S. Opening Bell

U.S. stock futures are setting up for a cautious open on Tuesday, December 2, 2025, as investors digest a choppy start to December, a sharp crypto selloff, and a packed day of economic data and earnings led by Federal Reserve Chair Jerome Powell’s testimony and the JOLTS jobs report. ^[1]

Monday’s session snapped a five‑day winning streak for the major indexes, with the Dow Jones Industrial Average falling 0.9%, the S&P 500 sliding 0.53% and the Nasdaq Composite down 0.38%, pressured by rising Treasury yields and renewed weakness in crypto‑linked stocks. ^[2]

At the same time, the broader market backdrop remains bullish: the SPDR S&P 500 ETF (SPY) is still trading just below record highs after a powerful November rally, even as December begins “in the red” and with valuations looking stretched. TS2 Tech

Here’s a detailed look at what’s driving sentiment before the U.S. stock market opens today.

1. Futures Signal a Cautious Open After Monday’s Pullback

U.S. stock futures
Overnight, U.S. futures have been broadly flat to slightly softer as traders reassess risk following Monday’s decline and the latest bond and crypto moves. Data from Investing.com shows S&P 500 futures (US 500) hovering near unchanged around 6,813, while Dow futures (US 30) are essentially flat, reflecting a wait‑and‑see mood ahead of key data. ^[3]

Yahoo Finance’s live coverage describes futures as “inching” around the flat line after stocks and bitcoin were hit to kick off December, underscoring the lack of conviction at the start of today’s session. ^[4]

Monday’s Wall Street close: why stocks fell

Reuters reports that Wall Street ended lower on Monday as: ^[5]

Treasury yields jumped, following a global bond selloff triggered by expectations of a Bank of Japan rate hike later this month.
The ISM manufacturing index showed contraction for a ninth straight month in November, as tariffs and weak orders continued to weigh on factory activity.
Crypto‑linked stocks slumped after bitcoin briefly dropped below $85,000, dragging names like Coinbase, Bitfarms and MicroStrategy lower.

Despite the pullback, strategists quoted by Reuters noted that the broader uptrend in U.S. equities remains intact heading into year‑end, with the focus squarely on the Fed’s meeting next week. Markets are pricing in roughly an 85% chance of a 25‑basis‑point cut at the conclusion of the December 10 policy meeting. ^[6]

2. Global Backdrop: Bonds and Bitcoin Keep Risk Appetite on Edge

Overnight in Asia and early European trade, risk sentiment improved slightly but remained fragile.

Asia–Pacific and global bonds

Reuters’ global markets wrap highlights that: ^[7]

MSCI’s broad Asia‑Pacific ex‑Japan index rose around 0.3%,
Japan’s Nikkei gained about 0.1% after a sharp drop on Monday,
South Korea’s Kospi jumped roughly 1.6%, while
China’s CSI 300 slipped around 0.8%.

The real story remains in bond markets:

Japanese 10‑year government bond (JGB) yields touched a 17‑year high near 1.88% before easing slightly after a strong auction.
The move was sparked by expectations that the Bank of Japan could hike rates later this month, prompting investors to sell bonds globally.
U.S. 10‑year Treasury yields spiked to roughly 4.10% on Monday, before easing back toward 4.09%–4.10% in Asian trading. ^[8]

Higher yields hit rate‑sensitive U.S. sectors yesterday, including real estate and utilities, which many investors treat as bond proxies. ^[9]

Bitcoin and crypto spillover

The other major driver of risk sentiment is crypto:

Bitcoin suffered a 5–8% slide on Monday, dropping below $85,000–$86,000 during Asian and U.S. trade, triggering over $150 million in liquidations in bullish futures positions across bitcoin and Ethereum. ^[10]
Reuters notes that although bitcoin has bounced back toward $87,000 today, it remains about 30% below its October peak, with sentiment described as “fearful and resigned.” ^[11]

Crypto‑linked equities—miners, exchanges and large corporate holders—were hit hard yesterday and could remain volatile into today’s open, especially if bitcoin continues to swing sharply. ^[12]

3. Fed Watch: Powell Testimony and JOLTS Top Today’s Economic Calendar

For U.S. markets, monetary policy and the labor market are front and center.

Key U.S. economic events on Tuesday, December 2, 2025

An Investing.com overview of today’s calendar flags several high‑impact events: ^[13]

Fed Chair Jerome Powell speaks (8:00 p.m. ET Monday evening / still in focus today)
- Powell’s testimony is being combed for any hints on the size and timing of future rate cuts and his read on inflation, even if he avoids explicit guidance so close to next week’s meeting.
JOLTS Job Openings (10:00 a.m. ET)
- Prior reading: 7.23 million openings.
- The JOLTS report is a key gauge of labor demand—investors will watch whether job openings continue to trend lower, which would support the case for easier Fed policy without signaling a hard landing.
Construction Spending (10:00 a.m. ET)
- Previous: +0.2%, offering another read on how higher rates are affecting the building and infrastructure pipeline.
FOMC Governor Michelle Bowman speaks (10:00 a.m. ET)
- Bowman has historically leaned more hawkish; any pushback she offers against aggressive rate‑cut expectations could move yields and the dollar.

Other data on the docket includes: ^[14]

Redbook weekly retail sales (8:55 a.m. ET)
Total vehicle sales, with forecasts around 15.4 million annualized
IBD/TIPP Economic Optimism index, expected to tick up slightly
Late‑day API crude oil inventory data and multiple CFTC positioning reports on equities and commodities.

Why the data matters after Monday’s ISM surprise

Monday’s ISM survey showed U.S. manufacturing contracted for the ninth straight month in November, as tariffs and soft demand weighed on orders. ^[15]

At the same time, U.S. consumers continued to spend heavily: Adobe Analytics data cited by Reuters suggests Americans were expected to spend around $14.2 billion online on Cyber Monday, supporting the “resilient but cooling” narrative for the U.S. economy. ^[16]

Markets are now weighing:

Weak manufacturing + softer job openings + benign inflation → supports rate cuts and the soft‑landing story.
Too‑weak data → revives hard‑landing fears, pressures corporate earnings expectations and risk assets.

With the Fed’s preferred inflation gauge (a delayed PCE report) due later this week and the December 10 policy decision approaching, every data point has the potential to nudge rate‑cut odds and bond yields—key drivers of equity valuations. ^[17]

4. Earnings to Watch: Cybersecurity, Chips, Software and Retail in Focus

Today’s earnings slate is heavily tech‑ and consumer‑tilted, with several high‑beta growth names reporting after the bell.

Pre‑market: United Natural Foods and Signet Jewelers

A Benzinga pre‑market brief highlights five stocks to watch heading into Tuesday, with particular focus on: ^[18]

United Natural Foods (UNFI) – reports before the open
- Street expects EPS of $0.41 on $7.91 billion in revenue.
- Shares climbed about 3.3% in after‑hours trading Monday, suggesting optimism around margins and guidance.
- Why it matters: UNFI is a key distributor to grocers and natural food retailers, making it a useful read‑through on food inflation, private‑label trends, and consumer trade‑down behavior.
Signet Jewelers (SIG) – also due before the open
- Consensus calls for EPS of $0.29 on $1.37 billion in sales.
- The stock dipped modestly after hours, reflecting concern that higher rates and student‑loan repayments could be pinching discretionary spending on jewelry.

The same report notes that Credo Technology (CRDO) and MongoDB (MDB) are already moving sharply on earnings: Credo surged nearly 15% after issuing strong guidance, while MongoDB jumped more than 20% on a sizable revenue and EPS beat and raised full‑year outlook. ^[19]

Those moves could prime traders for big post‑earnings swings in other high‑growth software and semiconductor names later today.

After the close: CrowdStrike, Marvell, Pure Storage and more

According to TrendSpider’s earnings calendar and Investing.com data, today’s post‑market lineup includes a cluster of widely watched growth and AI‑linked companies: ^[20]

CrowdStrike (CRWD) – cybersecurity bellwether
- Expected EPS: $0.94 per share; revenue: about $1.21 billion, up more than 20% year‑on‑year. ^[21]
- Zacks currently rates CrowdStrike a Strong Buy (Rank #1), noting that consensus estimates point to double‑digit revenue growth even as full‑year EPS is seen dipping slightly. At the same time, the stock trades at a lofty forward P/E near 138 and a high PEG ratio, making it sensitive to any hint of slowing growth or cautious guidance. ^[22]
Marvell Technology (MRVL) – key AI/data‑center chip play
- Investing.com’s earnings table shows expectations for EPS around $0.74 on roughly $2.07 billion in revenue. ^[23]
- Investors will be watching Marvell’s commentary on AI accelerators, cloud capex and networking chips to gauge whether the AI infrastructure boom is broadening beyond the usual mega‑cap names.
Pure Storage (PSTG), Okta (OKTA), GitLab (GTLB), Box (BOX), Asana (ASAN), CrowdStrike (CRWD) and others are also slated to report after the close, providing a dense read‑through on enterprise IT spending, cybersecurity budgets and demand for developer tools. ^[24]

Retail spotlight: American Eagle Outfitters (AEO)

American Eagle Outfitters is heading into its Q3 earnings after the close with its stock near 52‑week highs, lifted by a string of buzzy marketing campaigns featuring celebrities such as Sydney Sweeney and Martha Stewart. A detailed TS2 Tech preview notes: TS2 Tech

Analysts expect modest revenue growth but double‑digit EPS declines, reflecting pressure from tariffs, higher marketing costs and a more promotional environment.
The bull case centers on the strength of the Aerie and activewear franchises and improvements in inventory and supply‑chain management.
The bear case focuses on heavy reliance on high‑cost celebrity‑driven campaigns, insider selling and a valuation that’s already above many sell‑side price targets.

Key metrics to watch in AEO’s report:

Comparable sales and traffic – whether low‑single‑digit comp growth is holding up in both stores and online.
Gross margins – can pricing power and mix offset tariffs and promotions?
Aerie growth – continued outperformance here supports the long‑term brand story.
Holiday guidance – commentary on promotions and tariff impacts into Q4 will likely dictate how the stock trades post‑earnings. TS2 Tech

5. Sector and Theme Check: AI, Crypto, Retail and Rate‑Sensitives

AI and semiconductor complex

AI remains a core driver of 2025’s equity story:

Monday’s session saw Synopsys jump nearly 5% after Nvidia disclosed a $2 billion investment in the semiconductor design software company, reinforcing the long‑term AI infrastructure theme. ^[25]
With CrowdStrike, Marvell, Pure Storage and GitLab all reporting after the bell, today could reset sentiment on high‑multiple AI and cybersecurity names heading into year‑end. ^[26]

Any disappointment on growth, margins or AI‑related commentary could spark a rotation out of crowded winners; conversely, strong beats and upbeat guidance may reignite momentum after Monday’s wobble.

Crypto, precious metals and “risk off” trades

The sharp drop in bitcoin has spilled into:

Crypto equities (exchanges, miners, leveraged holders), which Reuters reports fell noticeably on Monday. ^[27]
Precious metals, where gold and especially silver have benefited from both rate‑cut bets and the crypto unwind. The Wall Street Journal notes that silver has surged to record highs on a “perfect storm” of tighter supply and expectations of easier U.S. policy. ^[28]

If the crypto drawdown deepens, some investors may continue to rotate into perceived safe‑havens like gold and high‑quality long‑duration assets—but that trade competes with elevated bond yields.

Retail and consumer

On the consumer side, several cross‑currents are in play:

Big‑box retailers such as Walmart and Target actually rose on Monday, helped by strong Cyber Monday spending expectations and continued strength in essentials and value‑priced goods. ^[29]
Specialty and discretionary names like Signet and American Eagle will offer a more nuanced view of how middle‑income shoppers are responding to higher borrowing costs, tariffs and heavy holiday promotions. ^[30]

Rate‑sensitives: REITs, utilities and financials

With U.S. yields still elevated after Monday’s global bond rout, several groups bear watching into the open: ^[31]

REITs and utilities – under pressure when yields spike; may stabilize if bonds find a floor today.
Banks and financials – benefit from steeper curves but remain sensitive to concerns about credit quality and the macro outlook.
Dividend and low‑volatility strategies – can lag in an environment where risk‑free yields are attractive and growth stocks continue to lead.

6. How to Approach Today’s U.S. Session

Nothing here is investment advice, but based on today’s setup, traders and longer‑term investors may want to keep these practical focal points in mind:

Watch the bond market first.
Equity moves are likely to track shifts in the 10‑year Treasury yield. A move back firmly below ~4.0% would typically support growth stocks and higher‑multiple tech, while another spike higher could pressure the S&P 500 and especially rate‑sensitive sectors. ^[32]
Treat 10:00 a.m. ET as a volatility pocket.
The JOLTS report, construction spending and Bowman’s remarks all cluster around 10:00 a.m. ET. Expect a potential flurry in index futures, the dollar and yields, which can whipsaw intraday trades. ^[33]
Keep an eye on crypto as a risk barometer.
If bitcoin stabilizes above the mid‑$80K zone and volatility cools, it may ease pressure on high‑beta tech and speculative names. A renewed slide, by contrast, could weigh on sentiment again, especially for stocks most directly tied to digital assets. ^[34]
Earnings after the bell could reprice entire themes.
Results from CrowdStrike, Marvell, Pure Storage, GitLab, Box, Asana, AEO and others will shape narratives around AI, cybersecurity and consumer discretionary spending into the final weeks of 2025. Options markets are pricing in sizable moves for some of these names; even if you’re not trading them directly, their post‑close reactions could influence futures and sector ETFs. ^[35]
Remember the bigger picture.
Despite yesterday’s pullback and today’s cautious tone in futures, SPY and the major U.S. indexes are still near record levels after a strong November. Seasonality (“Santa rally” hopes) and expectations for a December Fed rate cut provide a supportive backdrop—but at the price of rich valuations and elevated sensitivity to any negative surprise. TS2 Tech+1

As always, align any moves with your own risk tolerance, time horizon and portfolio goals, and consider consulting a qualified financial professional before making significant trading or investment decisions.