From Nasdaq: 2024-08-02 07:14:09

September Nasdaq 100 E-Mini futures are down -1.81% on fears of a U.S. slowdown and disappointing results from Intel and Amazon. In yesterday’s trading, major indexes closed lower. Moderna, Western Digital, and Arm all suffered losses. But C.H. Robinson Worldwide and Meta Platforms saw gains after positive quarterly reports. Today, attention is on U.S. nonfarm payrolls data.

Economic data shows a drop in the U.S. ISM manufacturing index, while nonfarm productivity and unit labor costs exceeded expectations. Initial jobless claims rose, indicating warning signs for the labor market. U.S. rate futures predict a rate cut in September. Companies like Exxon Mobil and Chevron are set to release earnings. The U.S. Nonfarm Payrolls data is highly anticipated, with the market divided on expected reactions.

Asian markets closed lower, with China’s Shanghai Composite Index down -0.92% and Japan’s Nikkei 225 dropping -5.81%. Concerns about a U.S. economic slowdown and lack of stimulus in China led to declines. A private sector survey showed China’s manufacturing activity contracted. In Japan, the Nikkei 225 posted its largest percentage decline since March 2020, influenced by Wall Street losses and a stronger yen. Mitsubishi UFJ Financial Group reported a decrease in net profit.



Read more at Nasdaq: Nasdaq Futures Tumble on Weak U.S. Tech Earnings and Growth Fears, U.S. Jobs Report in Focus