Traders Anticipate Data Deluge as US Equity Futures Waver Pre-Bell

MT Newswires Live
01 Oct 2024

US equity futures were nearly flat before Tuesday's opening bell as traders looked ahead to a raft of economic data, including a job openings survey.

Dow Jones Industrial Average futures fell 0.3%, S&P 500 futures slipped 0.1%, while Nasdaq futures were flat.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.2% at $70.85 per barrel and US West Texas Intermediate crude down 1.3% at $67.25 per barrel.

The Purchasing Managers' Manufacturing Index, scheduled for release at 9:45 am ET, is seen coming in at 47.0 in September following a 47.9 reading in August, according to estimates compiled by Bloomberg.

The Institute for Supply Management Manufacturing Index, slated for 10 am ET, is seen rising to 47.6 in September from 47.2 in the preceding month. Construction spending is expected to inch up 0.2% in August after a 0.3% drop in July. Forecasters see job openings based on the Labor Department's Job Openings and Labor Turnover Survey coming in at 7.64 million in August versus 7.673 million in July.

In other world markets, Japan's Nikkei closed 1.9% higher, while the Chinese and Hong Kong markets were closed for holiday. Meanwhile, UK's FTSE 100 rose 0.4% and Germany's DAX index gained 0.6% in Europe's early afternoon session.

In equities, SITE Centers (SITC) shares rose 55% after the company said it has completed the spin-off of Curbline Properties. The Beachbody Company (BODI) shares increased 19% after the company said it would cut its workforce by 33% and shift its business model into an affiliate program.

On the losing side, IGM Biosciences (IGMS) shares fell 29% after the company said it will shift its strategic focus away from oncology.

CPI Card Group (PMTS) shares were down 20% after pricing a secondary offering of common shares at $21 per share.

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