FXStreet (Mumbai) - The stock markets in the US struggle as the investors prepare for a December Fed rate hike, but losses remain capped as a significant majority read lift-off as signs of normalization. At the time of writing, the Dow Jones Industrial Average (DJIA) was down 16 points. The S&P 500 was down 2 points. The Nasdaq index was also down 22 points. The probability of a rate hike in December as represented by the Fed funds futures spiked to 72% on Friday post NFP release, but has now cooled slightly to 68%. Still, the markets believe the Fed shall move rates in December. However, the debate now is on whether the Fed shall take baby steps – 10bps or 12.5bps or prefer a normal move of 25bps. For more information, read our latest forex news.