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U.S. equity futures slipped lower Monday, while Treasury yields held steady and the dollar extended its retreat on foreign exchange markets, as investors looked to close a searing November rally on a cautious note while bracing for key inflation and jobs data later in the week.

Stocks are on pace for one of the strongest November gains on record, with the S&P 500 now up 8.7% on the month, taking its year-to-date advance to around 18.7%, while mega-cap tech stocks have lifted the Nasdaq 10.9% for the month and 36.2% for the year. 

A pullback in Treasury yields, which began late last month, has been the biggest upside driver for stocks as investors bet that the Federal Reserve has come to the end of its rate-hiking cycle and will look to lower borrowing costs early next year as the economy weakens and inflation continues to slow. 

Two big tests to that thesis will come later in the week, first with a reading of the Fed’s preferred inflation gauge, the core PCE price index, on Wednesday and a key speech from Chairman Jerome Powell on Friday.

The Commerce Department’s non-farm payroll report will be published next week.

Treasury yields have been inching higher into this week’s data set, which also includes weekly jobless claims, GDP and housing data, with benchmark 10-year notes testing the 4.5% mark in overnight dealing, and last traded at 4.480%, while 2-year notes were holding at 4.963% heading into the early New York session.

The U.S. dollar index, meanwhile, is extending losses from its first back-to-back weekly declines since July and was last marked 0.04% lower at 103.362 against a basket of its global peers.

Gold prices, meanwhile, have rallied to a six-month high of $2,017.82 per ounce in the wake of the dollar’s 3.1% November decline. 

On Wall Street, where investors face a relatively thin corporate earnings calendar as the third quarter earnings season draws to a close, stocks are set for a modestly weaker open, with futures contracts tied to the S&P 500 indicating a 7 point decline to start the week.

Futures tied to the Dow Jones Industrial Average, meanwhile, are set for a 41 point pullback while those linked to the Nasdaq are priced for a 25 point dip. 

In other markets, global oil prices remained under pressure in the overnight session, with Brent crude trading south of $80 per barrel, ahead of a delayed meeting of the OPEC+ cartel later in the week that is expected to confirm production cuts into the start of the new year.

Brent futures contracts for January delivery, the global pricing benchmark, were last seen $1.08 lower at $79.49 per barrel while WTI contracts for the same month, which are tightly-linked to U.S. gasoline prices, fell $1.09 to $74.45 per barrel. 

In overseas markets, Europe’s Stoxx 600 slipped 0.33% in early Frankfurt trading with investors tracking developments in Germany’s budget crisis, which will likely force Chancellor Olaf Scholz to suspend its so-called ‘debt brake’, and increase its overall borrowing, after the country’s top court ruled against its new spending plans. 

Overnight in Asia, stocks were modestly lower on the session, with the MSCI ex-Japan index falling 0.31% and Japan’s Nikkei 225 down 0.2%, following another weak reading for October industrial profits from China that continue to test the government’s resolve on stimulus and interest rate cuts. 

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