US stock futures are drifting lower this morning as investors digest two big drivers: rising expectations of a Federal Reserve interest rate cut and a fresh jump in Treasury yields. The yield on the 10-year US government bond climbed to 4.04%, which signals that borrowing money is still expensive for both consumers and businesses. At the same time, market chatter points to a likely rate cut as soon as next week, which could make mortgages, car loans, and credit card rates a bit less punishing. On one hand, if rates do drop, it could give a lift to real estate and utility companies that rely on cheaper borrowing. On the other hand, the recent yield spike leaves investors asking if the Fed might hold back on cuts after all, putting pressure on high-growth tech stocks and any sector sensitive to the cost of credit.
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A wave of heavyweight tech and cloud software earnings, along with a key manufacturing PMI report, will shape this week’s early tone.
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MongoDB (MDB): Q3 results after Monday’s close will spotlight trends in demand for enterprise data management and AI workloads.
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ISM Manufacturing PMI (US): The November reading on Monday will test market hopes for a near-term Fed rate cut.
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Pure Storage (PSTG), Marvell Technology (MRVL), CrowdStrike (CRWD): Tuesday’s earnings will offer a window into AI-driven infrastructure spending and cyber defense priorities.
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Salesforce (CRM), Snowflake (SNOW): Wednesday’s after-hours earnings will set the stage for growth prospects in cloud platforms and data analytics as 2026 approaches.
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