U.S. stocks futures were flat on September 7 amid lingering concerns over the delta strain of COVID-19 and its impact on the economic reopening.
The Dow Jones Industrial Average futures increased by 30 points. Meanwhile, the S&P futures were flat, while the Nasdaq 100 futures declined. Additionally, the NYSE was closed on Monday for Labor Day.
Over the weekend, Goldman Sachs downgraded its economic outlook over the weekend, citing the delta strain and fading fiscal stimulus. Remarkably, the company now sees 5.7% annual growth in 2021, below the 6.2% consensus. Goldman Sachs cut its fourth-quarter GDP outlook to 5.5%, from 6.5%.
Furthermore, the S&P 500 is slightly in the green for September, up 0.3% so far.
In the previous week, the Nasdaq outshined the other major indices this week, up 1.02%. The S&P 500 also closed higher on the week, up 0.32%. Additionally, the Dow was down 0.13%.
Notably, U.S. stock and bond markets were down on Monday for Labor Day. The holiday-shortened week then features several significant firm updates and economic data releases.
Boeing shares fell in premarket trading. The decline started after the Wall Street Journal announced that deliveries for the 787 Dreamliner would likely be delayed.
Additionally, drug stocks including Johnson & Johnson, Merck, and Amgen were slightly lower in premarket trading. The decline came after Morgan Stanley downgraded the three stocks.
Shares of GM slipped in early trading after various auto leaders announced that a global chip shortage would likely continue to weigh on the industry.
The market is now focused on the jobless claims data and producer price index
The market is now waiting for the jobless claims data and producer price index, due on Thursday and Friday. Economists expect a 0.6% monthly increase in the headline index and a 0.5% rise for the core PPI. Both the core and headline indexes surged 1% in July. The August consumer price index (CPI) will be published on September 14.
Year-to-date, the Nasdaq Composite is up 19.2%, the DJIA is up 15.5%, and the S&P is up 20.7%.
The much-awaited August jobs report declined on Friday. According to the official numbers from the Bureau of Labor Statistics, the economy added 235,000 jobs in August. Remarkably, the result was far from what economists were anticipating as the economy tries to snap back from the pandemic. The experts were expecting a rise of 750,000 new jobs during August.
Real Estate Sector, Health Care Sector, Consumer Staples Sector, witnessed gains last week, increasing 4.01%, 1.65%, and 1.39%, respectively.