S&P 500, Nasdaq futures dip with more economic data on tap By Reuters

© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. REUTERS/Brendan McDermid

(Reuters) – Futures tracking the and the Nasdaq dipped on Wednesday as investors remained cautious in a data-heavy week, awaiting hints of the state of the economy and the U.S. Federal Reserve’s interest rate trajectory.

Multiple data points are set for release this week, with the personal consumption expenditures price index due on Thursday and non-farm payrolls on Friday.

Before that, the ADP National Employment report is scheduled for release at 8:15 a.m. and the second estimate for the second-quarter gross domestic product (GDP) is due 15 minutes later.

“Data is king right now in terms of market sentiment,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown in a note.

“A raft of other figures will be picked through today to see if the information backs up expectations that central bank policymakers will leave rates unchanged.”

Those hopes got a fillip on Tuesday after data releases, especially one showing a drop in monthly job openings, and along with gains in mega-cap stocks, helped Wall Street end sharply higher.

However, rising , last up at 4.14%, dragged on growth stocks on Wednesday, with Tesla (NASDAQ:)’s 1.3% drop leading the declines before the bell.

Further weighing on sentiment, China defended its business practices after U.S. Commerce Secretary Gina Raimondo said American firms had told her it had become “uninvestible.”

U.S.-listed shares of Chinese companies including PDD Holdings, JD (NASDAQ:).com, Baidu (NASDAQ:) and Alibaba (NYSE:) fell between 1.5% and 2.4%.

At 5:24 a.m. ET, were down 9 points, or 0.03%, were down 7.5 points, or 0.17%, and were down 42 points, or 0.27%.

Shares of HP Inc (NYSE:) slid 8.5% premarket as the personal computer maker trimmed its annual forecast due to slowing demand.

Rite Aid (NYSE:) dropped 8.1% after S&P Global Ratings downgraded the drug retailer due to increased risk from restructuring.

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