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US stock futures slid on Tuesday, eyeing a second day in the red as investors waited for fresh jobs data as they look to manage expectations around the path of interest rates.
Tech stocks led the way lower, with Nasdaq 100 (^NDX) futures down 0.5%. S&P 500 (^GSPC) futures fell 0.3%, while Dow Jones Industrial Average (^DJI) futures dropped almost 0.3%, or roughly 90 points.
A losing start to December is putting November’s roaring rally in the rear-view mirror. Doubts are surfacing about the notion the Federal Reserve will soon call an end to rate hikes, sapping enthusiasm. Investors are now looking to upcoming data for evidence the US economy is headed for a so-called soft landing.
Eyes will be on Tuesday’s reading on job openings in October, expected to show slowing demand in the labor market. Alongside the ADP private payrolls numbers the next day and the crucial monthly jobs report on Friday, the data will be scoured for catalysts for the Fed to change policy course.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Adding to the cautious mood, Moody’s cut its outlook for China’s credit to negative, citing growing levels of debt as Beijing tries to fix a spiraling property downturn. Building concerns about the world’s second-biggest economy helped drive a sell-off in China stocks as overseas buyers headed for the exit.
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