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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 30, 2024.
Brendan McDermid | Reuters
U.S. stock futures were little changed Tuesday night after the major averages fell to start September.
Dow Jones Industrial Average futures was flat. S&P 500 futures and Nasdaq 100 futures dipped 0.06% and 0.1%, respectively.
Nvidia shares fell 1.5% in extended trading after a Bloomberg report, citing sources familiar, said the U.S. Justice Department sent subpoenas to the chipmaker. The move comes after Nvidia tumbled more than 9% in the regular session amid a broader pullback in semiconductor stocks.
Wall Street is coming off a losing session, with the major benchmarks posting their worst day going back to the Aug. 5th sell-off as chip names came under pressure and the latest economic data implied slowing growth for the U.S. economy. The Dow Jones Industrial Average fell more than 600 points, or 1.5%, while the S&P 500 slid 2.1%. The Nasdaq Composite dropped 3.3%.
Traders are bracing for further volatility in September, historically a weak month for equities, with many investors anticipating a pullback of 5% or more in the coming weeks. Still, some bullish investors expect any decline in stocks could be a buying opportunity.
"The next eight weeks should be a prime, a very prime opportunity, to rebalance your portfolio, get more diversified, and actually let the market activity go in your favor," Chris Hyzy, investment chief at Merrill and Bank of America Private Bank, said on CNBC's "Closing Bell" on Tuesday.
Corporate earnings season is largely behind investors, but reports from retailers Dick's Sporting Goods and Dollar Tree are set to release before the open on Wednesday. Hewlett Packard Enterprise is set to post earnings after the close.
Traders will also look to the latest releases on the U.S. trade deficit, job openings and labor turnover (JOLTS) survey, and factory orders data.
Economic data set to release Wednesday
A raft of economic data is due out Wednesday morning. Here is what economists are expecting:
- The U.S. trade deficit, which is the difference between U.S. exports and imports, is expected to have widened to $79.1 billion in July, up from $73.11 billion in June, according to Dow Jones consensus estimates. The data is set to release 8:30 a.m. ET.
- The latest job openings and labor turnover (JOLTS) survey, a measure of the health of the labor market, is expected to show a slight decline in job openings. Economists polled by Dow Jones expect the number of job openings to have fallen to 8.1 million in July, down from 8.2 million in June. The data is due out 10 a.m. ET.
- Factory orders data is set to have jumped sharply in July. The economic indicator that measures the value of goods ordered by factories is forecasted to have spiked 5% that month, up from a 3.3% decline the prior period, according to Dow Jones. The indicator is set for 10 a.m. ET release.
— Sarah Min
English (US) ·