U.S. stock futures indicated a mixed opening for the market on Tuesday as trading resumes following the Labor Day holiday. Investors are focusing on upcoming economic data ahead of the Federal Reserve’s next interest rate decision on September 18.
Futures Performance:
Dow Jones Industrial Average futures were down 38 points, or 0.1%.
S&P 500 futures showed a slight increase of less than 0.1%.
Nasdaq 100 futures remained flat.
Key Economic Data: The major economic event for the week will be the U.S. job report set for release on Friday. In the meantime, investors will scrutinize the ISM Purchasing Managers’ Index (PMI) for August, due out on Tuesday. This report will provide insights into the manufacturing sector and could offer clues about the extent of the economic slowdown.
Francesco Pesole, an analyst at ING, noted, “The slack in the manufacturing sector has been anticipated for some time. A significantly soft number would be needed to raise recession concerns and materially affect the dollar. Consensus expectations are for a modest improvement in August, with the PMI projected to rise from 46.8 to 47.5.”
Treasury Yields: The yield on the benchmark 10-year Treasury note was at 3.914% early on Tuesday, showing little change from the previous week.
Futures Prices:
E-Mini Dow (YM00) was trading at $41,568.00, down 85 points or 0.20%.
E-Mini S&P 500 (ES00) stood at $5,657.50, a decrease of 3.50 points or 0.06%.
E-Mini Nasdaq 100 (NQ00) was at $19,595.00, down 28 points or 0.14%.
As the week progresses, market participants will closely monitor these economic indicators to gauge their potential impact on market direction and investor sentiment.
