Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

U.S. Futures Edge Lower; More Employment Data in Focus

Stock MarketsSep 08, 2021 13:16
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - U.S. stocks are seen opening a little lower Wednesday, continuing the previous session’s weakness as investors reassess the economic growth outlook amid worries about the impact of the ongoing Covid-19 wave.

At 7:05 AM ET (1105 GMT), the Dow Futures contract was down 10 points, or less than 0.1%, S&P 500 Futures traded largely unchanged, while Nasdaq 100 Futures dropped 10 points, or 0.1%.

Wall Street returned from the Labor Day weekend to losses of over 260 points, or 0.8%, in the blue-chip Dow Jones Industrial Average amid worries of slowing growth, exacerbated by the disappointing August jobs report.

Concerns are growing that the ongoing Covid-19 pandemic is hurting the country’s economic recovery, just as the Federal Reserve considers pulling back its bond-buying program.

Data collated by Reuters showed that more than 20,800 people have died in the United States from Covid-19 in the past two weeks, up about 67% from the prior two-week period, as children head back to school and companies try to confirm return-to-office plans. The seven-day average death count fell for the first time in seven weeks on Tuesday, but it remains to be seen whether this is a statistical quirk due to the Labor Day holiday weekend.

Influential investment bank Morgan Stanley (NYSE:MS) Wednesday downgraded its recommendation on U.S. equities to underweight, citing “outsized risk” to growth through October.

Investors will study the Job Openings and Labor Turnover Survey, at 1000 AM ET (1400 GMT), for further clues of the state of the U.S. labor market, with employers expected to have posted 10 million jobs in July compared with 10.073 million the previous month.

In corporate news, GameStop (NYSE:GME), a meme stock favorite, will release its second-quarter results after the market closes on Wednesday, and is expected to announce another hefty loss.

Lululemon Athletica (NASDAQ:LULU) is also due to report its second-quarter earnings, and investors will be looking for the company’s outlook given the shift back to office life, gradual though it may be at the moment.

Elsewhere, Nio (NYSE:NIO) will be in the spotlight after the Chinese electric vehicle maker announced plans to sell up to $2 billion in new American depositary shares to fund its expansion. 

Rival Tesla (NASDAQ:TSLA) sold over 44,000 China-made vehicles in August, the China Passenger Car Association said on Wednesday, more than just under 33,000 in July and 33,155 units in June. Most were exported to Europe.

Crude prices bounced Wednesday after recent losses, with attention turning to the U.S. market as producers in the Gulf of Mexico struggle to restart operations in the wake of Hurricane Ida.

Over a week after the hurricane made landfall, more than three-quarters of U.S. Gulf production remains offline. The inventory data from the American Petroleum Institute later Wednesday and the U.S. Energy Information Administration on Thursday will be studied closely, as traders look for a more complete picture of the storm's impact on crude production and refinery output.

By 7:05 AM ET, U.S. crude futures traded 1.3% higher at $69.22 a barrel, while the Brent contract rose 1.1% to $72.45. 

Additionally, gold futures rose 0.2% to $1,801.45/oz, while EUR/USD traded 0.1% higher at 1.1844.


U.S. Futures Edge Lower; More Employment Data in Focus

Related Articles

Intel Earnings Beat, Revenue Misses In Q3
Intel Earnings Beat, Revenue Misses In Q3 By - Oct 21, 2021 - Intel reported on Thursday third quarter earnings that beat analysts' forecasts and revenue that fell short of expectations. Intel announced earnings per share of...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email