Stock Market Today: Dow Set to Open Down; S&P 500 Up; Workday, Palantir, AppLovin More Movers

U.S. stock futures were mostly lower Monday as investors looked to build on record highs ahead of key inflation data later in the week.

Futures on the S&P 500 fell 0.1% ahead of the open and Nasdaq 100 futures were 0.2% lower, while Dow Jones Industrial Average futures were 8 points down, roughly flat. The S&P 500 and Nasdaq Composite both reached record highs Friday after the jobs report came in hotter-than-expected, but not too hot as to shift rate-cut expectations.

However, the Dow fell for the second consecutive day, dragged down by UnitedHealth shares following the fatal shooting of executive Brian Thompson.

Investors will get another inflation reading Wednesday, the last major economic data of the year, and it could be crucial ahead of the Federal Reserve’s meeting next week. Traders currently see an 85% chance of a quarter-point cut, up from 62% a week ago, according to CME’s FedWatch tool.

Economists are expecting the consumer price index to rise at an annual rate of 2.7% in November, up from 2.6% in October. It would need to be a lot hotter than that to move the dial on rate-cut expectations.

At least President-elect Donald Trump provided a degree of certainty over Fed Chair Jerome Powell’s job. Trump has no plans to try to remove him, he told NBC Sunday. The potentially inflation-fueling nature of Trump’s tariffs proposals means that Powell’s task may become harder in 2025.

Investors will also be keeping a close eye on events outside the U.S. at the start of the week. Syria’s President Bashar al-Assad fled the country and resigned over the weekend, Russia’s Foreign Ministry said Sunday.

Oil prices climbed early Monday as the events in Syria brought more geopolitical uncertainty to the Middle East region. Brent crude futures, the international benchmark, rose 0.9% to $71.79 early in the day, West Texas Intermediate futures were 1.1% up to $67.95.

Developments in China were also having an impact on markets as the world’s second-largest economy’s leaders said the country will adopt a “more proactive fiscal policy and moderately loose monetary policy” next year, state-media Xinhua reported.

Hong Kong’s Hang Seng Index jumped 2.8% Monday, while luxury stocks trading in Europe was also given a boost. LVMH, Burberry, and Gucci-owner Kering were all up in morning trading.

Earnings could also play a role this week, with retailer Macy’s set to report after postponing its results last month amid an investigation into an employee allegedly hiding up to $154 million in expenses. Warehouse retailer Costco Wholesale is also scheduled to report earnings.