Stock futures paused on Friday after a final flourish to a fantastic month, as investors awaited comments from Jerome Powell.

The S&P 500 rose 8.9% in November–the best monthly gain since July 2022–as the 70 basis point peak-to-trough decline in the 10-year Treasury was the steepest since the 2008 global financial crisis, according to Goldman Sachs.

“Bond yields in the U.S. and Europe have tumbled during November as inflation falls and policy rates peak. This has proved a welcome respite for global equity markets, which were under pressure from rising bond yields over the summer,” Edison Investment Research said.

The firm is neutral on global equities with U.S. valuations close to the top of their recent price-to-book range.

Powell will be at Spelman College in Atlanta, where at 11 a.m. Eastern he will have the chance to make opening remarks and then participate in a fireside chat with the school’s president.

Before the Powell speech, the key Institute for Supply Management’s manufacturing report is due, as automakers release their monthly sales statistics throughout the day.