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Futures down: Dow 0.22%, S&P 500 0.17%, Nasdaq 0.16%

Sept 30 (Reuters) - U.S. stock index futures slipped

early on Tuesday, as investors awaited a crucial labor market

report and weighed the potential risk of a government shutdown

on key economic data releases.

Investor sentiment has shifted back toward risk aversion,

just a day after equities posted gains. While previous shutdowns

have had limited impact on markets, some analysts warned that

the current episode could be more disruptive given the delicate

economic backdrop.

"Shutdowns are more apt to be a temporary disruption rather

than a permanent drag where the short-term economic impacts are

often recouped over time," said Jack Janasiewicz, lead portfolio

strategist at Natixis Investment Managers.

"However, the length of any shutdown can impact the

collection and release of important economic data, especially at

a time when the economy is at a crucial juncture with regards to

growth and inflation."

At 05:07 a.m., Dow E-minis were down 104 points, or

0.22%, U.S. S&P 500 E-minis were down 11.25 points, or

0.17%, and Nasdaq 100 E-minis were down 39 points, or

0.16%.

The Federal Reserve's data-dependent stance has heightened

the importance of incoming releases, with investors hoping for a

steady stream of benign readings to keep rate-cut expectations

alive and support the equity rally.

With the risk of delayed data looming over markets, the

economic reports due on Tuesday, including the Labor

Department's Job Openings and Labor Turnover Survey for August

and the Conference Board's consumer confidence index, could

carry added significance and attract heightened scrutiny.

Traders will also look to a busy slate of Fed speakers for

direction, including Vice Chair Philip Jefferson, Boston Fed's

Susan Collins, Chicago Fed's Austan Goolsbee and Dallas Fed's

Lorie Logan.

Equities have held up well through the third quarter, with

the benchmark S&P 500, the tech-heavy Nasdaq and

the blue-chip Dow Jones Industrial Average all set to

notch gains for a second straight quarter.

Markets will now enter the fourth quarter, historically a

favorable stretch for equities due to year-end positioning and

holiday spending.

Earnings commentary will start to take center-stage during

the period, especially as several companies indicated plans to

raise prices, a move that could have implications for inflation

and, by extension, the Fed's policy path.

Nike ( NKE ) is scheduled to report earnings after markets

close on Tuesday, offering an early look at consumer demand and

margin trends. Its shares were up marginally in premarket

trading.

Chipmaker Wolfspeed surged 49% a day after exiting

bankruptcy. Firefly Aerospace ( FLY ) dropped 10.7% after a

testing mishap destroyed the core booster for its centerpiece

Alpha rocket.