U.S. stock futures edged lower on Monday night, setting a cautious tone for September trading following a tumultuous yet strong August.
Futures Performance:
Dow Jones Industrial Average futures fell by 70 points, or 0.17%.
S&P 500 futures declined 0.14%.
Nasdaq-100 futures dropped 0.34%.
U.S. markets were closed on Monday for the Labor Day holiday.
The major indices concluded August on a positive note, with the S&P 500 advancing 2.3% for the month, marking its fourth consecutive monthly gain. The Dow Jones Industrial Average and Nasdaq-100 saw increases of 1.8% and 0.7%, respectively.
August was marked by significant volatility, starting with a sharp sell-off driven by recession fears and the unwinding of a major hedge fund trade involving the Japanese yen. At one point, the S&P 500 had plunged over 7% for the month before staging a recovery.
Deutsche Bank macro strategist Henry Allen noted, “August got off to an incredibly rough start, but after August 5, calm began to return to markets. This was partly due to more positive economic data from the U.S., which alleviated recession concerns.”
Looking ahead, investors will focus on the first major economic report of the month: the U.S. jobs report for August, scheduled for release on Friday. Additionally, Wall Street faces potential seasonal headwinds, as September has historically been the weakest month for the S&P 500 over the past decade.
