US Futures Fall Ahead of Data

Thursday, September 3, 2020 8:05 AM | MT Newswires

US stock futures pointed to a downbeat session for Wall Street as the tech sector rally lost its steam, and traders looked ahead to a raft of readings on the US economy.

Dow Jones Industrial Average futures fell 0.1%, S&P futures declined 0.4%, and Nasdaq futures slumped 1.1% recently.

Oil prices fell, with global benchmark Brent crude down 2.3% and US West Texas Intermediate crude down 2.4% recently, pressured by a stronger greenback and subdued demand expectations ahead of the upcoming maintenance season for US refineries.

At 8:30 am, data are expected to show the US trade deficit widening to $58.5 billion in July from $50.7 billion in June. Unemployment claims are seen coming in at 958,000 for the Aug. 29 week versus 1.006 million in the previous week. The second estimate for Q2 non-farm productivity is seen coming in at a 7.4% annual rate versus 7.3% in the first estimate, while unit labor costs are expected to be revised down to 12.1% from 12.2%, according to Econoday.

At 10 am, August consensus for the Institute for Supply Management's non-manufacturing index is at 57.0 against July's 58.1.

In equities, shares of Momo (MOMO) were 9% lower pre-bell after the company issued Q3 revenue guidance below the Street view.

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