US equity futures dropped ahead of Monday's opening bell as traders turned risk-averse in the penultimate trading session of 2024.

The Dow Jones Industrial Average futures slipped 1%, S&P 500 futures dropped 1.2%, and Nasdaq futures were down 1.3%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.4% at $74.08 per barrel and US West Texas Intermediate crude 0.5% higher at $70.97 per barrel.

The Chicago Fed Purchasing Managers' index, scheduled for release at 9:45 am ET, is expected to rise to 42.7 in December from 40.2 level in the previous month, according to estimates compiled by Bloomberg.

Forecasters see pending home sales, due at 10 am ET, rising by 0.9% in November following a 2% increase in October.

In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 0.2% lower, and China's Shanghai Composite finished 0.2% higher. Meanwhile, UK's FTSE 100 fell 0.4%, and Germany's DAX index slipped 0.4% in Europe's early afternoon session.

In equities, Polyrizon (PLRZ) shares were up 47% after the company announced a publication by the US Patent and Trademark Office of a patent application covering the company's hydrogel nasal technologies.

On the losing side, Traws Pharma (TRAW) shares fell 32% after the company said it secured equity financing of up to $72.6 million from major healthcare institutional investors.