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April's factory orders, JOLTS numbers due at 10 a.m. ET

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Intel ( INTC ) rises after launch of data center chips to take on

AMD

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Futures down: Dow 0.42%, S&P 0.47%, Nasdaq 0.45%

(Updated at 7:08 am ET/1108 GMT)

By Lisa Pauline Mattackal and Johann M Cherian

June 4 (Reuters) - U.S. stock futures slipped on Tuesday

after weak manufacturing data sparked new worries about the

strength of the world's largest economy, even as markets awaited

a slew of reports this week to gauge how much growth has slowed.

Stocks fell on Monday after survey data showed U.S. factory

activity had slowed more than expected in May and construction

spending dropped in April, although the S&P 500 and the Nasdaq

closed the session slightly higher.

"It was a day when the U.S. economic exceptionalism theme

was called into question," Chris Weston, head of research at

Pepperstone, said in a note.

Megacap stocks including Nvidia ( NVDA ), Apple ( AAPL ) and

Alphabet were down between 0.2% and 0.3% in premarket

trading. Gains in these rate-sensitive stocks boosted the Nasdaq

in the previous session, as U.S. Treasury yields slipped.

Broadly strong corporate earnings, coupled with seemingly

resilient economic growth, kept Wall Street optimistic and

buoyed stocks over several months, despite forcing markets to

dial down hopes for both the timing and pace of interest-rate

cuts.

However, a string of recent data points to the economy

slowing more than expected, causing investors to fret even as

markets expect an earlier start to rate cuts.

Traders are now pricing in a nearly 62% chance of the Fed

cutting rates in September, up from about 53% before the ISM

data was out and under 50% last week, according to the CME's

FedWatch tool.

Several key reports scheduled for release this week are

expected to provide a clearer picture of U.S. economic health,

particularly the labor market. The Job Openings and Labor

Turnover Survey is expected later on Tuesday, ahead of the

closely watched nonfarm payrolls figures for May, due on Friday.

Factory orders data is also expected later in the day and

the results of surveys on the services sector are due on

Wednesday.

"The manufacturing report has put us on notice that the

various employment data points this week and ISM services could

all be genuine market-moving risk events, and the market will

likely be sensitive to any downside surprises," Weston said.

Monday's trading was also impacted by a glitch at the New

York Stock Exchange, triggering volatility in dozens of stocks.

The NYSE later said the issue had been resolved and exchanges

were canceling erroneous trades in affected stocks, including

Class A shares of Berkshire Hathaway ( BRK/A ).

At 7:08 a.m. ET, Dow e-minis were down 163 points,

or 0.42%, S&P 500 e-minis were down 25 points, or 0.47%,

and Nasdaq 100 e-minis were down 84 points, or 0.45%.

Among individual movers, Intel ( INTC ) gained 1.1% after

the company launched its next generation Xeon server processors

and priced its Gaudi 3 artificial intelligence accelerator chips

below its rivals' products.

Meta and Snap lost 0.8% and 0.9%,

respectively, after a report said New York was mulling a ban on

social media companies using algorithms to steer content to

children without parental consent.

Bath and Body Works ( BBWI ) dropped 7.5% after a lower

revision to its quarterly profit forecast.

Oil companies fell, with shares of Exxon Mobil ( XOM ) and

Chevron ( CVX ) both down 1% as demand worries weighed on crude

prices. Energy stocks were the biggest sectoral

decliners on Monday.