Stock futures slide after ADP report showing job losses, Microsoft declines: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE) on December 02, 2025 in New York City.
Spencer Platt | Getty Images News | Getty Images
U.S. equity futures pulled back on Wednesday, bogged down by Microsoft, as traders contemplated the U.S. economic outlook.
Futures tied to the Dow Jones Industrial Average dropped 76 points, or 0.2%. S&P 500 futures fell 0.2%, while Nasdaq 100 futures declined 0.6%.
Microsoft shares turned red after The Information reported it was cutting software sales quotas tied to artificial intelligence. The stock was last down 2% in premarket trading.
Other names linked to the AI trade fell in sympathy with Microsoft, with shares of chipmakers Nvidia and Broadcom dropping almost 1%. AI software firm Palantir Technologies was likewise down nearly 1%.
Stock futures had remained in the green earlier in the day after payrolls processor ADP reported that private payrolls surprisingly declined by 32,000 in November. Economists polled by Dow Jones had expected a gain of 40,000 for the month.
Despite the tough reading on the economy, traders were likely betting that the private job losses could clinch a Federal Reserve rate cut at its last meeting of the year next week.
The major indexes rose on Tuesday as tech stocks such as Nvidia rose and bitcoin gained, one day after the flagship cryptocurrency logged its worst day since March. The flagship digital currency kept rising on Wednesday, trading above $92,000.
Shares of Marvell Technology also gained, rising more than 6% in the premarket, as Wall Street reacted to its data center growth projections. American Eagle Outfitters rallied more than 15% after the retailer lifted its full-year forecast, saying the holiday shopping season was off to strong start.
Investors are gauging the possibility of year-end rally, as December trading historically bodes well for U.S. stocks and because November was such a downbeat month as profit-taking trimmed valuations for some high-flying names.
“I think AI earnings are going to continue to be strong. … We’re going to see more contribution from more beaten-down sectors, and we’re starting to see some of the more short-cycle industrials and more beaten-down sectors starting to see better pricing power,” said Wells Fargo chief equity strategist Ohsung Kwon said Tuesday on CNBC’s “Power Lunch.” “I don’t think it’s a bubble yet.”
