Stocks: Momentum fading after record run

NEW YORK (CNNMoney)

It's just the second trading day of December and investors already look wary of letting the rampage run to the end of the year.

U.S. stock futures were mixed on Tuesday, with the S&P 500 slipping 0.1% and the Dow Jones Industrial Average and Nasdaq little changed.

The S&P has managed gains in December for 24 of the past 30 years, but with the index up 27% so far in 2013 investors may be thinking more about taking profits.

U.S. stocks slipped Monday as disappointing Black Friday sales weighed on retailers, and an upbeat manufacturing report revived talk that the Federal Reserve could begin scaling back its massive stimulus program as early as this month.

Related: Fear & Greed Index

Friday sees the publication of the monthly jobs report which should send a much clearer signal as to the likely next move by the Fed.

There's little corporate or economic news expected Tuesday but the world's major automakers will release their monthly sales figures over the course of the day.

European markets were tracking Wall Street lower in morning trading, with France's CAC 40 leading the way with a loss of 1.1%.

Asian markets ended mixed, with Japan's Nikkei advancing 0.6% as the yen weakened. Shares in Shanghai joined the rally, adding 0.6% while Hong Kong's Hang Seng declined by 0.5%.

First Published: December 3, 2013: 5:23 AM ET

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