Futures slip as megacaps retreat with jobs data, Powell in focus
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Futures down: Dow 0.39%, S&P 500 0.47%, Nasdaq 0.58%
Updated at 7:18 a.m. ET/1118 GMT
By Ankika Biswas and Lisa Pauline Mattackal
July 2 (Reuters) - U.S. stockindex futures fell onTuesday as megacap stocks retreated after a strong session, with additionalcaution creeping inahead of jobs opening data and comments from Federal Reserve Chairman Jerome Powell later in the day.
Megacap tech stocks MicrosoftMSFT.O, Apple AAPL.O and Amazon.com AMZN.O all slipped about 0.4% inpremarket trading, pulling back afterjumping 2% to3% in the previous day.
Benchmark 10-year Treasury yields slipped slightly on the day but were hovering around three-week highs, further weighing on rate-sensitive growth stocks.
Meanwhile, TeslaTSLA.O shed 1.3% after Monday's 6% jump ahead of data onthe electric maker's vehicle June-quarter deliveries, expected to fall for two straight quarters for the first time.
AI chip leader Nvidia NVDA.O also dropped 1.1%, with other semiconductor stocks such as Micron Technology MU.O, Marvell Technology MRVL.O and Arm Holdings ARM.O also slipping between 0.4% and 1%.
On the data front, the job openings and labor turnover survey, or JOLTS, is due after market open and is expected to show job openings fell to 7.910 million in May from 8.059 million the month prior.
The data is the first in this week's series of U.S. jobs reports, particularly Friday's non-farm payrolls, which will be crucial in assessing whether the U.S. labor market remainsresilient against the backdrop of decades-high interest rates - a key determinant of economic health.
Investors will parse remarks from Powell in a policy panel before a European Central Bank forum on central banking for further clues on how policymakers have assessed recent data.
As recent data signals a renewed moderation in inflation and some signs of economic weakness, market participants are holding on to their bets around two interest rate cuts by this year-end, starting from September, as per LSEG's FedWatch data.
"We continue to observe that U.S. exceptionalism has somewhat softened. In particular, growing strains were seen on U.S. consumer while the tightness in the U.S. labor market has eased," said analysts at OCBC.
"Our house view continues to expect two cuts for 2024, with the first cut happening sometime in the third quarter."
Other data due throughout the week include ADP National Employment andweekly jobless claims, as well asfactory orders, servicesPMI and the minutesof the Federal Reserve's June policymeeting.
With the equity market closed on Thursday on account of U.S. Independence Day, trading volumes are expected to be light throughout the week.
At 7:18 a.m. ET, Dow e-minis 1YMcv1 were down 154 points, or 0.39%, S&P 500 e-minis EScv1 were down 25.75 points, or 0.47%, and Nasdaq 100 e-minis NQcv1 were down 116.25 points, or 0.58%.
Among other major premarket movers, Paramount Global PARA.O climbed 3.2% after billionaire Barry Diller's digital-media conglomerate IAC IAC.O is exploring a bid to take control of the media giant.
Atlassian TEAM.O rose 2.0% after Piper Sandler upgraded the enterprise software maker to "overweight" from "neutral", while CrowdStrike Holdings <CRWD.O>slipped 2.3% after the same brokerage downgraded the cybersecurity firm to "neutral" from "overweight".
Polestar Automotive Holding's U.S.-listing PSNY.O fell5.0% after theEV maker reported a first-quarter operating loss.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Maju Samuel
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