Stock futures retreated after the S&P 500 closed at a new 2023 high following a five-week win streak. Futures on the Dow Jones Industrial Average shed 90 points, or 0.3%. S&P 500 futures slid 0.4%, while Nasdaq 100 futures lost 0.5%. Shares of Alaska Airlines dropped more than 12% in premarket trading after news that it agreed to acquire rival Hawaiian Airlines in a $1.9 billion deal. The move marks an effort for both carriers to expand along the West Coast. Marathon Digital and Riot Platforms jumped more than 14% and 12%, respectively, as bitcoin passed the $40,000 markCoinbase and Microstrategy gained more than 9% and 8%, respectively. Monday’s premarket moves follow a strong period for stocks. The broad S&P 500 posted its highest close since March 2022 on Friday, bringing its year-to-date gains to almost 20%. The blue-chip Dow posted its first five-week win streak since 2021 and is up 9.4% for the year. The tech-heavy Nasdaq Composite has popped 37% in 2023. The rebound in stocks since October came as investors increasingly bet that the Federal Reserve will start cutting interest rates next year. Investors maintained this belief last week even as Fed Chairman Jerome Powell’s tried to tamp down rate-cut expectations, saying it’s “premature” to anticipate easing in policy. November was the best month for the 30-stock Dow since October 2022. The S&P 500 and Nasdaq Composite both enjoyed their biggest monthly gains since July 2022. Some investors see the rally as unsustainable. “At present things are very overdone,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “The conversation on inflation, growth, the Fed, and earnings are all too binary, reductive, and facile.” Meanwhile, Oppenheimer chief investment strategist John Stoltzfus wondered what a rally in late 2023 could mean for the market in 2024. “We are not getting bearish,” he told clients. But, we “can remember a tendency for powerful rallies from year end to be met with some questioning on any catalyst for profit taking without FOMO in the first quarter or second quarter of the new year.” Investors are awaiting the November jobs report, scheduled for release on Friday, for confirmation the Fed is done hiking rates. Economists polled by Dow Jones expect the economy to have added 190,000 payrolls. The U.S. 10-year Treasury yield rose on Monday as investors digested Friday’s comments from Federal Reserve chief Jerome Powell and fretted over the outlook for interest rates and central bank policy. The yield on the 10-year Treasury was over 2 basis points higher to 4.245%. The 2-year Treasury yield was last at 4.608% after rising by more than 4 basis points. Meanwhile, the yield on the 30-year Treasury was around flat at 4.416%. Asia-Pacific markets were mixed on Monday, with investors awaiting a slew of key economic data Tuesday and inflation readings later this week. Hong Kong’s Hang Seng index dropped 1% in its final hour of trade after making earlier gains, while the mainland Chinese CSI 300 index slipped 0.65% to hit its lowest since February 2019. In Australia, the S&P/ASX 200 rose 0.73% and closed at 7,124.7, leading gains among major benchmarks in Asia-Pacific and hitting its highest level since Sept. 20. South Korea’s Kospi rose 0.4% to end at 2,514.95, while the small-cap Kosdaq pared earlier gains to rise 0.15%, ending at 828.52. In Japan, the Nikkei 225 slipped 0.6% to 33,321.27, while the Topix fell 0.83% to close at 2,362.65. Oil prices extended declines on Monday, pressured by investor skepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand, though the risk of supply disruptions from the Middle East conflict limited losses. Monday’s fall adds to a 2% decline last week after the supply cuts announced on Thursday by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+. Brent crude futures were down 42 cents, or .53%, at $78.46 a barrel. U.S. West Texas Intermediate crude futures fell 37 cents, or .5%, to $73.70. Gold prices notched a new record on Monday for a second day in a row — with spot prices touching $2,100 as the global rush for bullion appears set to continue. Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.