LIVE MARKETS-Wall Street starts December trading in the red

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WALL STREET STARTS DECEMBER TRADING IN THE RED

Wall Street was showing red to start the week and last month of the year, with its three major indexes going in reverse and most of the S&P 500's .SPX 11 major sectors falling, even as expectations increased a tad for a Federal Reserve rate cut at its December 9-10 meeting.

Investors are also contending with the fact that a 43-day long U.S. government shutdown muddied the central bank's view of the economy for all of October and some of November while it faces division within its ranks.

Speaking of data, S&P Global's November final manufacturing PMI came in above the prior reading, followed by a gradual paring of equity losses.

But the S&P 500 lost some steam again after the Institute for Supply Management's data showed U.S. manufacturing contracted for the ninth straight month in November with the drag from import tariffs persisting. Manufacturing PMI dropped to 48.2 from 48.7 in October, compared with consensus expectations for a slight improvement to 49.0.

Delving into the benchmark stocks, growth .IGX, down about 0.4%, was falling faster than value .IVX, off 0.2%. Utililies .SPLRCU, down ~1.6%, was the biggest sector decliner, and under that hood, power companies that have benefited from the AI-trade were the biggest losers. The S&P 500's biggest drag came from technology .SPLRCT, down roughly 0.5%,while its biggest boost was energy .SPNY, up 1.3%, likely in sympathy with crude oil prices, up more than 1%.

Here is your early snapshot from 10:12 a.m. ET/ 1512 GMT :

(Sinéad Carew)

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