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Gap, Cloudflare ( NET ) gain after brokerage upgrade

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S&P, ISM Manufacturing activity data due after markets

open

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Futures: Dow down 0.07%, S&P 500, Nasdaq futures off 0.14%

each

(Updates with quote, prices)

By Shashwat Chauhan and Purvi Agarwal

Dec 2 (Reuters) - U.S. stock index futures started

December on a sour note after recording robust gains last month,

with focus on a slew of economic data this week, including

multiple labor market reports, to gauge the Federal Reserve's

interest rate path.

This week's centerpiece would be the November nonfarm

payrolls report due on Friday, a key metric in also gauging the

state of the labor market.

"Strong data will certainly revive the rate-cut-or-not

discussions, while soft numbers will boost appetite for another

25bp cut from the Fed," said Ipek Ozkardeskaya, senior analyst

at Swissquote Bank.

Traders currently see a more than 65% chance of the Fed

opting for a 25-basis-point rate cut when it meets later this

month, compared to a near 83% chance seen a month prior, as per

CME's FedWatch Tool, on the back of data pointing to a resilient

economy.

An October jobs opening reading is slated to be released on

Tuesday, while November private payrolls data is due on

Wednesday.

The benchmark S&P 500 and the blue-chip Dow

clocked all-time closing highs on Friday, and recorded their

best month in a year, capping off a stellar November for U.S.

equities.

Investors relished in U.S. stocks last month after

Republican candidate Donald Trump recaptured the White House

along with his party sweeping both houses of Congress.

Analysts expect Trump's policies on tax cuts, tariffs and

deregulation could spur greater corporate performance. However,

concerns that his policies could bump up inflation have also led

to markets dialing back hopes of the Fed ramping up its rate

easing cycle.

The week is also packed with data that could indicate how

the economy is faring, including multiple surveys of economic

activity for the last month.

November manufacturing activity surveys from S&P Global and

the Institute for Supply Management (ISM) are due later in the

day.

Numerous Fed speakers will also make public appearances this

week including Fed Chair Jerome Powell, with investors hunting

for any clues on the central bank's policy path.

Comments from Fed Governor Christopher Waller and New York

Fed President John Williams would be on the radar later in the

day.

At 6:53 a.m. ET, Dow E-minis were down 31 points,

or 0.07%, S&P 500 E-minis were down 8.25 points, or

0.14% and Nasdaq 100 E-minis were down 29.5 points, or

0.14%.

On the day, most megacap and growth stocks were slightly

lower, with Nvidia's ( NVDA ) 1% fall leading losses. Tesla

, on the other hand, outperformed with a 1.5% advance.

Among other early premarket movers, Gap rose 4.8%

after J.P. Morgan upgraded the apparel retailer's rating to

"overweight" from "neutral".

Chip equipment companies such as Applied Materials ( AMAT )

and KLA Corp ( KLAC ) were marginally lower after a Reuters

report said that the U.S. will be curbing semiconductor exports

to 140 Chinese companies.

Software firm Cloudflare ( NET ) gained 3.9% after

Morgan Stanley raised its rating to "overweight" from

"equal-weight" on the stock.