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Futures down: Dow 0.32%, S&P 500 0.29%, Nasdaq 0.33%
Sept 22 (Reuters) - U.S. stock index futures inched
lower on Monday after Wall Street's main indexes rallied to
record highs in the previous session, while uncertainty around
President Donald Trump's visa policies also dimmed sentiment.
Markets were pausing after a tech-driven rally on Friday
pushed the three indexes to close at record highs for the second
consecutive session, with the S&P 500 and the Nasdaq logging
their third consecutive session of gains.
Meanwhile, investors awaited some clarity on the U.S.
president's new policy for visas for skilled workers after the
Trump administration said on Friday it would ask companies to
pay $100,000 per year for H-1B worker visas.
Many sectors, especially U.S. technology, are heavily
reliant on skilled workers from India and China and the
announcement prompted them to warn visa holders to stay in the
U.S. or quickly return.
Most megacap companies such as Microsoft ( MSFT ) and
Amazon.com ( AMZN ) were stable in premarket trading.
J.P.Morgan Chase, which also advised employees
holding H-1B visas to remain in the U.S., inched 1.5% lower.
"The H-1B visa has been a key channel for U.S.-based tech,
finance, consulting, and services firms to access global skilled
talent ... the sharp increase in visa fees will raise costs for
companies dependent on these workers, with at least some of the
burden passed on to end clients," said analysts at UBS Global
Wealth Management.
At 05:33 a.m. ET, Dow E-minis were down 151 points,
or 0.32%, S&P 500 E-minis were down 19.5 points, or
0.29% and Nasdaq 100 E-minis were down 82.5 points, or
0.33%.
The Federal Reserve's expected quarter-point reduction to
interest rates last week and indications of more at upcoming
meetings added to Wall Street's recent rally, that was partly
fueled by a revived enthusiasm around AI-linked stock trading.
It also boosted optimism around small-cap companies in the
U.S., with the Russell 2000 hitting an intraday record
high on Friday. Futures linked to the index were down
0.1% in premarket trading.
Wall Street's three main indexes are in positive territory
so far in September - a month deemed historically bad for U.S.
equities. The benchmark S&P 500 has shed 1.4% on average in the
month since 2000, according to data compiled by LSEG.
A slew of economic data is scheduled for release this week,
including that for personal consumption expenditure - the Fed's
preferred gauge of inflation - and gross domestic product.
Markets will also parse through comments from a host of
policymakers on Monday, including Fed presidents John Williams,
Alberto Musalem and newly appointed Governor Stephen Miran.