US stock futures remained relatively stagnant on Friday as investors awaited the crucial last monthly jobs report of the year. This report holds significant importance as it will serve as a key test for the prospects of interest-rate cuts in December and beyond. The Dow Jones Industrial Average futures (YM=F) and the S&P 500 futures (ES=F) showed little movement after drifting away from their all-time highs at Thursday's close. Similarly, contracts on the tech-heavy Nasdaq 100 (NQ=F) also traded in a flat range.

Wall Street's Wait and the Fed's View

Wall Street is in a holding pattern, eagerly awaiting the November jobs report to determine whether it aligns with Federal Reserve Chair Jerome Powell's perspective that the US economy is in a favorable state. Recent data has indicated a cooling labor market but not a collapse. There is hope for a "Goldilocks" reading - one that is strong enough to ease concerns about the economy but not so strong as to close off the Fed's options for lowering rates this month and into the next year.The report, set to be released at 8:30 a.m. ET, is expected to show nonfarm payrolls increasing by 215,000 in November, while the unemployment rate remains steady at 4.1%. Economists believe that a print meeting these expectations is unlikely to significantly impact rate-cut calculations. On Friday, markets were pricing in a 68% chance that the Fed will lower rates by a quarter percentage point on December 18, according to the CME FedWatch Tool.

Bitcoin's Rally and Hedging

The rally in bitcoin (BTC-USD) continued to show signs of slowing. The cryptocurrency slipped to trade around $98,000 as some investors are hedging against a deeper pullback after its record-breaking surge to over $100,000 for the first time. The rally has been fueled by hopes of support for digital currencies from President-elect Donald Trump. On Thursday, he named former PayPal (PYPL) COO David Sacks as his "White House AI & Crypto Czar."

Corporate Performance and Pre-Market Trading

On the corporate front, shares of Lululemon (LULU) and Ulta Beauty (ULTA) saw significant gains in premarket trading. Both retailers boosted their profit forecasts, indicating positive momentum in their operations. This shows that despite the overall market uncertainty, some companies are able to deliver strong financial results and drive investor interest.