Futures drop as markets brace for data-heavy week
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Futures off: Dow 0.43%, S&P 500 0.53%, Nasdaq 0.83%
Sept 3 (Reuters) -U.S. stock index futures traded lower on Tuesday as caution prevailed ahead of a slew of economic data reports due through the week that could influence the extent of monetary policy easing by the Federal Reserve this year.
The blue-chip Dow .DJI and the benchmark S&P 500 .SPX recovered from early August's losses and ended higher on Friday, notching their fourth-straight month in gains, after data pointed to a robust economy and moderating price pressures.
The Dow is at a record high and the S&P 500 is within 1% of its own milestone as markets enter into what has been a historically weak month for the main indexes on average.
Traders continue to scour for reassuring signs about the economy, with the release of the monthly ISM manufacturing survey due at 10 a.m. ET. Economists forecast the manufacturing index to rise to 47.5, but remain in contractionary territory.
A number of labor market numbers will also be parsed through the week, ahead of Friday's non-farm payrolls figure for the previous month. The jobs market has come under greater scrutiny, after July's report hinted at a greater-than-expected slowdown, that consequently sparked a global selloff in riskier assets.
The central bank's meeting later in the month will be closely observed, following Chair Jerome Powell's recent support for forthcoming policy adjustment. Odds of a 25-basis point interest rate cut are at 69%, according to the CME Group's FedWatch Tool, while those for a bigger 50 bps reduction are at 31%.
At 05:30 a.m. ET, Dow E-minis 1YMcv1 were down 178 points, or 0.43%, S&P 500 E-minis EScv1 were down 30 points, or 0.53%, Nasdaq 100 E-minis NQcv1 were down 161 points, or 0.83%.
Rate-sensitive chip stocks led premarket declines, with Nvidia NVDA.O down 2.3%, Broadcom AVGO.O dropping 1.8%, Advanced Micro Devices AMD.O losing 1.3%, after the Philadelphia SE Semiconductor index's .SOX 2.6% jump on Friday.
Among others, Tesla TSLA.O added nearly 1%, after a report said it plans to produce a six-seat variant of its Model Y car in China from late 2025. Separately, the automaker's sales in China logged their best month for the year so far in August.
Boeing BA.N lost 2.6% after brokerage Wells Fargo downgraded the planemaker to "underweight" from "equal weight".
U.S. Steel X.N dropped 5% after Democratic presidential candidate Kamala Harris expressed her concern about the steel firm being acquired by Japan's Nippon Steel 5401.T.
Reporting by Johann M Cherian in Bengaluru; Editing by Shounak Dasgupta
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