As the week progresses, the US stock market is poised for a cautious opening on Tuesday as traders remain in anticipation of vital labor data amid a holiday-shortened trading week. Both the Standard & Poor's 500 and the Dow Jones Industrial Average experienced a decline of 0.5% each during premarket trading, while the Nasdaq Composite saw a slightly steeper decrease of 0.7%.
This downward trend has mirrored the movements in Asian exchanges, which were predominantly trading in the red, while midday European markets also exhibited bearish tendencies. With the US markets having been closed on Monday in observance of Labor Day, traders are now looking ahead to the Job Openings and Labor Turnover Survey for July, which is set to be released on Wednesday.
Additionally, the ADP Employment report and the Challenger Job Cut reports, both pertaining to August, are anticipated to be unveiled on Thursday. The week culminates with the government's nonfarm payrolls data from the previous month, scheduled for release on Friday, a key indicator of employment health and economic momentum. On Tuesday, the economic calendar features the August purchasing managers' index for manufacturing from S&P Global at 9:45 am ET, which will be followed by the Institute for Supply Management's manufacturing index for the same month, along with the construction spending report for July, both set for 10 am ET. In the world of major stocks, shares of Nvidia ($NVDA) took a hit, decreasing by 1.9% before the market opens.
In contrast, Tesla ($TSLA) managed a modest rise of 0.7%. GameStop ($GME) showed a slight increase, edging up by 0.5%, while Airbnb ($ABNB) saw a slight dip of 0.3%. A number of companies are slated to report their financial results following the close of markets, including Zscaler ($ZS), GitLab ($GTLB), OneStream ($OS), and HealthEquity ($HQY).
These earnings reports will provide further insights into sector performance and potentially influence market sentiment moving forward. Before the market opens, Bitcoin has rallied nearly 1%, trading at $59,038. Meanwhile, West Texas Intermediate crude oil has experienced a 1.6% decrease, settling at $72.35 a barrel.
In bond markets, yields on 10-year Treasuries dipped by 0.4 basis points, landing at 3.91%. Gold prices also saw a minor decline, down 0.1% to $2,526 an ounce, as investors continue to navigate the shifting landscape of economic indicators and market performance..