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

*

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

AMD

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Futures down: Dow 0.30%, S&P 0.35%, Nasdaq 0.30%

(Updated at 8:31 am ET/1231 GMT)

By Lisa Pauline Mattackal and Johann M Cherian

June 4 (Reuters) - U.S. stock futures were in the red on

Tuesday as investors grew more concerned about the strength of

the world's largest economy, even as they awaited a slew of

reports this week to gauge how much growth has slowed.

Data on Monday showed U.S. factory activity had slowed more

than expected in May and construction spending dropped in April,

weighing on stocks, although the S&P 500 and the Nasdaq closed

the session slightly higher.

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

Alphabet and Microsoft ( MSFT ) fell between 0.1% and

0.5% in premarket trading. Gains in these rate-sensitive stocks

boosted the Nasdaq in the previous session, as U.S. Treasury

yields slipped.

"The ISM manufacturing yesterday (indicated) a slowdown

in growth or decrease in activity, and if we see a slowdown in

nonfarm payrolls, that's going to be more of a warning sign,"

said Robert Pavlik, senior portfolio manager at Dakota Wealth.

Pavlik also cited rotation away from megacaps, along

with profit-taking, as additional reasons for the decline.

"A number of stocks have gotten hit harder than the

overall market, but those are the ones that have performed

extremely well."

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,

while the results of surveys on the services sector are due on

Wednesday.

Broadly strong corporate earnings, coupled with

seemingly resilient economic growth, kept Wall Street optimistic

and buoyed stocks over several months. However, a string of

recent data has led to worries creeping in, even as markets now

expect an earlier start to rate cuts.

Traders are now pricing in a nearly 65% 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.

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

York Stock Exchange, triggering volatility in dozens of stocks.

At

8:31

a.m. ET, Dow e-minis

were down 115 points, or 0.3

0

%

, S&P 500 e-minis

were down 18.75 points, or 0.35%

, and Nasdaq 100 e-minis

were down 55.25 points, or 0.3

0

%

.

Among individual movers, Intel ( INTC ) gained 1.3% after

the company launched its next-generation Xeon server processors

and priced its Gaudi 3 AI accelerator chips below its rivals'

products.

Meta and Snap lost 0.7% and 0.8%,

respectively, after a report said New York was considering a ban

on social media companies using algorithms to steer content to

children without parental consent.

Bath and Body Works ( BBWI ) dropped 5.7% after a lower

revision to its quarterly profit forecast.

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

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

crude prices. Energy stocks were the biggest sectoral

decliners on Monday.