US stock futures climbed overnight Sunday as investors regrouped from a losing week that saw cracks emerge in AI-focused stock trading as well as surprise tariff announcements from President Trump for Oct. 1.
Contracts tied to the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and Nasdaq 100 (NQ=F) all ticked up around 0.2%.
Last week, all three major averages slipped. The S&P 500 (^GSPC) fell 0.3% for its weakest week since early August, while the Nasdaq (^IXIC) slid 0.7%. The Dow (^DJI) lost 0.2%, snapping a three-week winning streak.
Meanwhile, a government shutdown remains possible by Wednesday this week, leaving an air of doubt over whether the government will release key economic data — including the highly anticipated jobs report on Friday. A meeting between Trump and congressional leaders is set for Monday, serving as potentially the last hope to avoid a shutdown.
Last week, jobless claims came in lower than expected and GDP growth was revised higher, fueling discussion around whether the Fed may not ease policy as aggressively as hoped. That puts even more weight on the September jobs report, with Wall Street economists forecasting that the US economy created 43,000 new nonfarm payroll jobs during the month. The unemployment rate is expected to remain at 4.3%.
Despite last week’s pullback, stocks are still on pace to finish September — and the third quarter — with gains. The S&P 500 is up 2.8% month-to-date, while the Dow has added 1.5%. The Nasdaq, boosted by tech, has rallied 2.9%.
Earnings will be quite light, with Nike’s (NKE) report on Wednesday set to be the week’s biggest corporate update. Cruise line Carnival (CCL) also reports Monday. The big banks will get the third quarter earnings season underway in earnest in mid-October.
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