U.S. stock futures fell Tuesday amid caution ahead of the release of key economic data, with technology shares remaining on the backfoot. 

At 06:15 ET (11:15 GMT), Dow Jones Futures fell 55 points, or 0.1%, S&P 500 Futures dropped 15 points, or 0.2%, and Nasdaq 100 Futures slid 90 points, or 0.4%.  

The main averages on Wall Street declined in the previous session, with the tech sector declining the hardest on lingering concerns over the sustainability of the artificial intelligence boom after underwhelming recent quarterly reports from AI-exposed groups Broadcom (NASDAQ:AVGO) and Oracle (NYSE:ORCL).

Nonfarm payrolls due 

Much of Tuesday’s attention will be on the release of nonfarm payrolls data for November, with the print being delayed due to disruptions caused by a government shutdown in October and early-November. 

The print will be closely watched for more signs of immediate cooling in the labor market, which has been seen steadily deteriorating in recent months. 

The payrolls print also comes just days before CPI data for November, which will also be closely scrutinized by markets.

Labor strength and inflation are the Federal Reserve’s two main considerations for cutting interest rates, with the central bank having flagged a data-driven approach to further easing after cutting interest rates last week. 

Comments from New York Fed President John Williams on Monday reiterated the Fed’s data-driven stance. 

Markets are also focused on who will become the Fed’s next Chair, with reports stating that U.S. President Donald Trump had narrowed his shortlist for Jerome Powell’s successor to former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett. 

Lennar headlines earnings list 

The earnings season is gradually coming to a close, butresults from homebuilder Lennar Corporation (NYSE:LEN) are due after the close of U.S. markets.

The firm posted a 46% slip in profit in the third quarter, weighed down by sticky inflation which has dented the affordability of the American housing market. 

Elsewhere, major exchange Nasdaq is seeking approval from U.S. securities authorities to extend trading hours on its stock venues to 23 hours during the work week, according to Bloomberg News.

In a filing with the Securities and Exchange Commission on Monday, Nasdaq asked for permission to tack on an additional trading session which would last from 9 p.m. to 4 a.m. ET.

Crude retreats further 

Oil prices slumped as raised prospects for a Russia-Ukraine peace deal lifted the potential of an easing of sanctions.

Brent futures last dropped 1.6% to $59.58 a barrel, and U.S. West Texas Intermediate crude futures fell 1.8% to $55.65 a barrel.

U.S. officials have flagged some progress in the Russia-Ukraine peace talks, with Kyiv offering to drop its aspirations to join the NATO military alliance, a major point of contention for Russia, while Washington offered Ukraine security guarantees.

But a deal on territorial concessions, a highly sensitive topic for Ukraine, remained elusive.

A peace deal could result in U.S. sanctions on Russian oil companies being lifted, adding to an already well supplied market.