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September Prospects, Jobs Reports Dampen Wall Street Pre-Bell; Asia, Europe Off
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September Prospects, Jobs Reports Dampen Wall Street Pre-Bell; Asia, Europe Off
Sep 3, 2024 5:19 AM

07:26 AM EDT, 09/03/2024 (MT Newswires) -- Wall Street futures pointed moderately lower pre-bell Tuesday as traders weighed outlooks for September, which is historically a minefield for equity and bond investors.

In the futures, the S&P 500 declined 0.6%, the Nasdaq fell 0.8% and the Dow Jones was off 0.5%.

Economic releases slated for later in the week include the Job Openings and Labor Turnover Survey (JOLTS) for July on Wednesday and the August employment situation report on Friday. If the job reports show strong employment, the US Federal Reserve could limit the size of its possible rate cut, which is expected later this month.

On the earnings front, Broadcom (AVGO), Hewlett Packard Enterprise (HPE), DocuSign (DOCU), Dollar Tree (DLTR), Hormel Foods (HRL), and Dick's Sporting Goods (DKS) are among the companies reporting their quarterly results later this week.

Asian exchanges traded lower overnight on Beijing-Tokyo trade tensions and soft earnings reports from China-based companies, including banks. European bourses tracked moderately lower midday on the continent.

On the economic calendar is the August PMI manufacturing final print at 9:45 am ET, followed by the ISM manufacturing index for August at 10 am.

The July construction spending bulletin also posts at 10 am.

In premarket activity, Bitcoin traded at $59,137, West Texas Intermediate crude oil traded lower at $72.30, and 10-year US Treasuries offered 3.9%. Spot gold traded for $2,495 an ounce.

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