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Futures up: Dow 0.03%, S&P 500 0.12%, Nasdaq 0.21%
Sept 9 (Reuters) - U.S. stock index futures were subdued
on Tuesday after the major indexes posted near-record closing
highs in the previous session and investors remained cautious
ahead of an impending employment rate revision.
A preliminary estimate of the nonfarm payrolls benchmark
published by the Bureau of Labor Statistics is due at 10 a.m.
ET, with economists predicting that the level of U.S. employment
for the 12 months through March could be slashed by as much as a
million jobs.
U.S. job numbers have given investors and the U.S. Federal
Reserve cause for concern, with nonfarm payroll data for July
and August confirming weakening labor market conditions.
The latest report has led traders to fully price in a
25-basis-point reduction in interest rates next week, while bets
also surfaced for a larger 50-bps trim, which stand at 11.8%,
according to CME's FedWatch tool.
At 05:22 a.m. ET, Dow E-minis rose 12 points, or
0.03%, S&P 500 E-minis gained 8 points, or 0.12%, and
Nasdaq 100 E-minis were up 50.25 points, or 0.21%.
Meanwhile, Nebius ( NBIS ) jumped 49% in premarket trading
after the AI infrastructure firm signed a $17.4-billion deal
with Microsoft ( MSFT ). Rival CoreWeave ( CRWV ) also gained,
adding 6.1%.
Inflation reports due this week will also be on investors'
radar to gauge the impact of President Donald Trump's tariff
policies on the U.S. economy, and whether a case could be made
for a bigger rate cut.
The three main indexes closed higher on Monday, with the
Nasdaq notching a record close, lifted by a rally in chip major
Broadcom ( AVGO ).
Wall Street has had a broadly positive start to September, a
month deemed historically bad for U.S. equities, with the
benchmark index losing 1.5% on average since 2000, data compiled
by LSEG showed.
In other stocks, U.S.-listed shares of Teck Resources
jumped 9.1% before the bell after the miner agreed to
merge with London-listed Anglo American on Tuesday.
Tourmaline Bio ( TRML ) jumped more than 56% after Swiss
pharma giant Novartis said it would acquire the
biopharmaceutical company for $1.4 billion.