U.S. stock futures were down on Thursday as investors braced for a key labor market data release due tomorrow, along with escalating tensions in the Middle East. Futures on the S&P 500 (SPX), the Dow Jones Industrial Average (DJIA), and the Nasdaq 100 (NDX) were down by about 0.5%, 0.53%, and 0.7%, respectively, at 4:07 a.m. EST, October 3.
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During regular trading on Wednesday, the Dow Jones and Nasdaq Composite gained a modest 0.09% and 0.08%, respectively, and the S&P 500 inched up 0.01%. The muted performance can be attributed to heightened geopolitical turmoil in the Middle East.
In major stock market news, Nike (NKE) stock dropped 6.8% after the company withdrew its full-year outlook. Further, Tesla (TSLA) was down 3.5% due to weaker-than-expected Q3 delivery numbers.
Moving to the after-market trading session, the market was focused on Levi Strauss (LEVI). The stock declined over 10% after LEVI reduced full-year revenue guidance and disclosed plans to explore the potential sale of its struggling Dockers brand.
On the economic front, investors will be closely watching the release of weekly Initial Jobless Claims today. Importantly, the most anticipated economic event of the week is the September payroll report, set to be released on Friday morning. Investors and the Federal Reserve will closely watch this data point as the central bank continues its rate cuts.
In key corporate earnings, Constellation Brands (STZ) and Tilray (TLRY) are scheduled to release their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 3.802%. At the same time, WTI crude oil futures trended higher, hovering near $71.08 per barrel as of the last check.
Elsewhere, European markets opened lower today as investors kept a close eye on rising turmoil in the Middle East, where concerns about a potential regional conflict escalated.
Asia-Pacific Markets Traded Mixed on Thursday
Asia-Pacific indices experienced a mixed performance today due to rising geopolitical tensions in the Middle East.
Hong Kong’s Hang Seng index was down 1.34%. However, Japan’s Nikkei 225 and Topix indices finished higher by 1.97% and 1.2%, respectively.
Investors should note that China’s stock market remained closed due to the Golden Week holiday.
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