Stocks Slip as Investors Await Economic Indicators

Stocks were poised to decline on Monday, taking a breather after a recent rally driven by optimism surrounding potential interest rate cuts by the Federal Reserve next year.

Economic Indicators in Focus

Today, the spotlight falls on U.S. factory orders for October. However, the real anticipation builds for Friday's release of the closely watched U.S. jobs report for November. Investors are eagerly awaiting signs that inflation and growth are weak enough to prompt the Fed to cut rates, but not weak enough to raise broader concerns about the state of the economy.

Gainers in the Market

A couple of stocks are making noteworthy moves:

Uber and Jabil

Uber, the popular ride-hailing app, and Jabil, an electronics manufacturer, both saw gains after S&P Global announced that they would be included in the benchmark S&P 500 index. This inclusion can be favorable for stocks as many investors buy funds that track components of the index. In premarket trading, Uber shares rose by 4.5% and Jabil stock increased by 4.1%.

Coinbase Global

Shares in Coinbase Global surged by 8.5% as the price of Bitcoin experienced a rally, reaching 20-month highs with a 6% increase over the past 24 hours. The cryptocurrency broker often mirrors the performance of the largest digital asset. Moreover, growing investor interest in cryptocurrencies is also benefiting Coinbase's core trading business.

Spotify

Spotify stock saw a rise of 2.3% after the audio media streaming company announced its third round of job cuts this year, resulting in a 17% reduction of staff, or approximately 1,500 jobs. Despite its shares more than doubling this year, continued layoffs indicate management's concerns about future profits following rapid expansion.