US Stock Market Today: S&P 500 Futures Dip Amid Cooling Jobs, Resilient Services Signals

Simply Wall St

Thu, December 4, 2025 at 5:11 AM EST 2 min read

US stock futures are edging slightly lower this morning as investors juggle two big signals: a cooling job market and still resilient service sector activity. Private payrolls fell by 32,000 in November, the biggest drop since 2023, which strengthens the case for interest rate cuts and helps explain why the key 10 year government borrowing cost has slipped toward 4.05 percent. At the same time, fresh readings on services activity above 52 show the economy is still growing, just with higher costs. The big question is whether rate relief will arrive in time to support banks, real estate and smaller domestically focused companies.

As rate cuts loom and volatility builds, we have uncovered undervalued stocks based on cash flows before Wall Street catches on.

• Microchip Technology (MCHP) jumped 12.17 percent after raising quarterly guidance and unveiling new efficient power monitors.

• ON Semiconductor (ON) surged 11.01 percent on renewed optimism for power management chips tied to AI and EV demand.

• Symbotic (SYM) climbed 9.37 percent as investors piled into automation stocks leveraged to warehouse and logistics robotics.

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• Pure Storage (PSTG) plunged 27.31 percent as investors punished softer margins despite upbeat revenue and guidance.

• Sandisk (SNDK) declined 5.34%.

• Netflix (NFLX) declined 4.93%.

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Consumer and software names step into the spotlight with fresh earnings and shareholder meetings shaping guidance into 2026.

• Beauty and Discretionary Spend: Ulta Beauty (ULTA) reports Q3 results today, providing insight into higher income consumer demand.

• Industrial IoT and AI Adoption: Samsara (IOT) posts Q3 earnings today, highlighting subscription growth and progress toward profitability.

• Value Retail Snapshot: Dollar General (DG) reports Q3 today, with a focus on margins and traffic from budget stressed shoppers.

• Software and Cloud Sentiment: Microsoft (MSFT) holds its AGM Friday, with attention on AI investment, capital returns, and governance priorities.

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