What’s Moving the Markets Today

U.S. stock futures are trading without a clear direction as investors monitor the sharp pullback in Bitcoin and expectations of a Federal Reserve rate cut next week. Bitcoin is hovering near flat levels as risk appetite cools, reducing its appeal. Gold is slipping under the pressure of rising U.S. Treasury yields, while oil trades in a choppy pattern.

Meanwhile, Marvell Technology is set to report earnings after the closing bell and could offer fresh insight into the ongoing boom in AI-related technologies.

1. Futures Little Changed

U.S. equity futures were subdued on Tuesday after the first trading session of December delivered a drop in Bitcoin, higher Treasury yields, and disappointing macro data.

As of 03:17 ET (08:17 GMT):

• Dow futures: –71 pts (–0.2%)
• S&P 500 futures: –12 pts (–0.2%)
• Nasdaq 100 futures: –58 pts (–0.2%)

Major indices closed lower on Monday after ISM data showed that U.S. manufacturing contracted for the ninth consecutive month in November, weighed down in part by broad tariff pressures.

Market expectations for a Fed rate cut later this month remain firm, with an 85% probability of a 25 bps reduction, according to CME FedWatch.

Treasury yields rose following comments from Bank of Japan Governor Kazuo Ueda, who suggested economic conditions are becoming favorable for a potential rate hike in Japan. Japanese and European bond markets also declined.

The sharp Bitcoin pullback pressured crypto-linked equities. Strategy, one of the largest institutional holders of digital assets, lowered its 2025 profit outlook due to Bitcoin weakness, dragging its shares down.

2. Bitcoin Flat After Sharp Selloff

Bitcoin hovered near unchanged levels on Tuesday.

Monday’s selloff pushed the token below $84,000 as a fresh wave of risk aversion swept through the crypto market at the start of December.

At 03:32 ET, Bitcoin traded at $86,480 (–0.4%).
During November, it lost more than $18,000—its steepest monthly decline since 2021. The token now sits roughly 30% below its record high from just a few weeks ago.

3. Gold Pulls Back

Gold prices slipped as rising U.S. Treasury yields dented demand for the safe-haven metal. Investors remain cautious ahead of key economic releases and next week’s Fed decision.

• Spot gold: –0.4% to $4,213.95
• Gold futures: –0.7% to $4,245.25

Despite the pullback, broader market sentiment toward gold remains constructive, with traders expecting a Fed rate cut next week on the back of easing inflation and a cooling labor market.

4. Oil Moves Sideways

Oil prices traded in a choppy, uncertain range amid fragile hopes for peace in Ukraine, rising tensions between the U.S. and Venezuela, and increased production among key suppliers.

• Brent: –0.2% to $63.04
• WTI: –0.1% to $59.27

Both benchmarks gained more than 1% on Monday, with WTI now hovering near a two-week high.

Uncertainty persists regarding the Ukraine conflict, U.S.–Venezuela relations, and OPEC+ plans to modestly boost output in December, followed by a possible pause in Q1 2025 due to oversupply concerns.

5. Marvell Earnings on Deck

Among the few notable earnings reports today, Marvell Technology is in the spotlight.

The chipmaker—considered a major competitor to Broadcom—is in advanced talks to acquire AI hardware startup Celestial AI in a deal worth more than $5 billion, according to The Information.

Marvell is expected to post EPS of $0.74 after the close.
The stock is down 18% year-to-date following a disappointing data-center outlook in August.

If you want, I can turn this into a newsletter format, add charts, or rewrite it with a more formal/analytical tone.