Stock index futures are mixed, with S&P 500 down -0.15%, Dow Jones up +0.05%, and Nasdaq down -0.49%. E-mini S&P futures down -0.17% and Nasdaq futures down -0.49%. US Nov ADP employment report shows unexpected job cuts by -32,000, the largest in over 2.5 years, signaling economic concerns.

Stock futures slide on AI demand worries after Microsoft reduces AI software sales quotas. Chipmakers like Microchip Technology and Marvell Technology see gains. Bond yields fall on weaker-than-expected Nov ADP report, raising expectations for Fed rate cut at next week’s FOMC meeting.

US MBA mortgage applications fall -1.4%, 30-year fixed rate mortgage drops -8 bp to 6.32%. Swaps predict a 94% chance of -25 bp rate cut at FOMC meeting. Q3 earnings season ends strong with 83% of S&P 500 companies surpassing forecasts, Q3 earnings rise +14.6%.

Overseas markets mixed, Euro Stoxx 50 down -0.07%, Shanghai Composite down -0.51%, Nikkei Stock 225 up +1.14%. 10-year T-note yield down -2.3 bp at 4.063%. European bond yields lower, Eurozone Oct PPI rises +0.1%, Eurozone Nov PMI revised upward.

UK Nov PMI revised upward to 51.2. Swaps predict 2% chance of ECB rate cut. Chip makers like Microchip Technology and Marvell Technology surge. Cryptocurrency-exposed stocks rise, Bitcoin up +1%. Homebuilders and building suppliers see gains. Macy’s down -1% after Q4 EPS forecast. Earnings reports for 12/3/2025 include Dollar Tree, Five Below, Macy’s, and more.

Read more at Nasdaq: Stocks Pressured by Labor Market Weakness and AI-Demand Concerns