Stock futures slipped Tuesday as a recent rally on Wall Street appeared to lose steam. Futures tied to the Dow Jones Industrial Average fell 91 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures shed 0.4% and 0.5% respectively. GitLab popped nearly 14% in the premarket after the open-source software development platform beat quarterly earnings expectations and issued strong guidance for the current quarter. Lands’ End dropped 9% after posting earnings that showed weakness compared with the same three-month period a year prior. The market is coming off a losing session. The Nasdaq Composite fell 0.8% on Monday, as tech companies fell across the board. The S&P 500 and the 30-stock Dow slipped 0.5% and 0.1%, respectively. The pullback came on the back of five consecutive positive weeks for the three major averages. Small caps bucked the trend with the Russell 2000 posting a 1% gain. The small-cap index has enjoyed a nearly 7% gain over the past month, raising hopes of a broadening market rally. The gains come as traders gain confidence that the Federal Reserve will begin to cut interest rates next year in spite of recent hawkish commentary from the central bank. Nonetheless, investors should temper their expectations for equity gains heading into 2024, according to Jason Heller, senior executive vice president at Coastal Wealth. “We believe there are few upward catalysts for stocks given elevated interest rates, a weakening consumer and tempered earnings expectations,” Heller said. “We expect stocks to remain in a narrow trading range.” The Fed is currently in a “blackout period,” meaning there will be limited comments from central bank officials ahead of its policy meeting next week. Elsewhere, traders will be watching for the latest Job Openings and Labor Turnover Survey report on Tuesday morning. U.S. Treasury yields declined Tuesday as investors awaited jobs data that could provide hints about the state of the economy and the impact of restrictive Federal Reserve monetary policy. At 6:15 a.m. ET, the yield on the benchmark 10-year Treasury was down by over 4 basis points at 4.239%. The 2-year Treasury yield was last 3 basis points lower at 4.627%. Asia-Pacific markets fell across the board as investors assessed a slew of economic data from across the region. South Korea’s overall inflation rate in November fell to 3.3%, compared with 3.7% expected by a Reuters poll. The inflation rate for Japan’s capital, Tokyo, came in at 2.6%, down from the 3.3% in October. Tokyo’s inflation figures are widely considered to be a leading indicator of national trends. Caixin and S&P Global also released China’s service purchasing managers’ index today, which hit a three-month high, while private PMI readings will also be out from Hong Kong and India. Hong Kong’s Hang Seng index tumbled 2.07% in its final hour to its lowest since November 2022, leading losses in Asia, while the mainland Chinese CSI 300 index fell 1.9% and closed at 3,394.26, hitting fresh four-year lows. Japan’s Nikkei 225 ended down 1.37% at 32,775.82, while the Topix fell 0.84% to 2,342.69. In Australia, the S&P/ASX 200 shed 0.89% to close at 7,061.60 as the Reserve Bank of Australia held its benchmark policy rate at 4.35%, in line with expectations. South Korea’s Kospi dropped 0.82% to close at 2,494.28, and the small-cap Kosdaq lost 1.83% to close at 813.38. Oil prices rose on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East and some encouraging economic signals in Europe. Brent crude futures gained 8 cents, or 0.1%, to $78.11 a barrel. U.S. West Texas Intermediate crude futures were up 9 cents, or 0.1%, at $73.13. Comments by Saudi Arabia’s energy minister that OPEC+ production cuts could continue past the first quarter of 2024 lent some price support, said OANDA analyst Kelvin Wong. Gold prices edged lower on Tuesday, trading below the record high level hit in the last session, as the dollar held firm and investors awaited more U.S. economic data this week that could influence the Federal Reserve’s rate outlook. Spot gold was down 0.4% at $2,022.60 per ounce. Bullion had climbed to an all-time high of $2,135.40 on Monday, before dropping more than $100 in a single day to close 2% lower. U.S. gold futures was flat at $2,042.30.