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U.S. stock futures traded mixed Sunday evening as investors digested a stronger-than-expected August jobs report that increased expectations for a Federal Reserve interest rate hike in September. Trading activity was expected to remain subdued ahead of the Labor Day holiday.
Dow Jones futures dropped 0.5% to 53,196.0 points, while S&P 500 futures slipped 0.1% to 7,718.25. Nasdaq 100 futures bucked the trend, gaining 0.3% to 29,640.0 by 02:24 ET (06:24 GMT).
The cautious moves followed Friday's Wall Street decline after U.S. employment figures prompted markets to reassess the Fed's monetary policy outlook.
Nonfarm payrolls increased by 162,000 in August, significantly exceeding economists' forecast for 56,000 new jobs. The unemployment rate remained unchanged at 4.1%, while labor-force participation climbed to 61.6%. Employment gains for June and July were also revised higher by a combined 55,000.
The stronger labor market data boosted expectations that the Federal Reserve could raise interest rates at its September 15-16 meeting. Interest-rate futures indicated about a 60% probability of a 25-basis-point hike on Sunday, up from roughly 49% before the employment report, according to CME FedWatch.
Wall Street finished lower Friday, with the Dow Jones Industrial Average falling 0.5%. The S&P 500 declined 0.4%, while the Nasdaq Composite lost 0.3%. Technology and semiconductor shares showed relative resilience, while consumer discretionary stocks lagged.
Attention now shifts to upcoming U.S. inflation data, which could provide another major signal for the Fed's September decision. Investors will closely watch consumer and producer price figures as policymakers continue to emphasize inflation risks when determining the path of interest rates.
U.S. cash equity markets will remain closed Monday for Labor Day and reopen Tuesday. Thin holiday liquidity could amplify market reactions to changes in Treasury yields, oil prices and Fed rate expectations, leaving U.S. stocks sensitive to fresh economic signals throughout the holiday-shortened week.
