Stock futures were lower early on Tuesday morning after the major averages finished another losing week.
Stock futures tied to the Dow Jones Industrial Average fell 118 points or 0.38%. S&P 500 futures also inched 0.39% lower, and Nasdaq 100 futures shed 0.46%.
U.S. Treasury Secretary Janet Yellen and China’s Vice Premier Liu He held a virtual call on Monday stateside to discuss macroeconomic issues.
Markets finished one of the worst halves in decades on Thursday, and major averages posted their fourth week of losses in five despite modest gains during Friday’s trading session.
Last week, despite modest Friday gains, the Dow dipped 1.3%, the S&P 500 dropped 2.2%, and the Nasdaq fell 4.1%. During Friday’s trading session, the Dow Jones Industrial Average added 321.83 points, or 1.1%, to 31,097.26, the S&P 500 gained 1.1% to 3,825.33 and the Nasdaq Composite edged 0.9% higher to 11,127.85.
In this shortened holiday week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.
This week’s economic calendar also includes Wednesday’s release of minutes from the Federal Reserve’s latest meeting. May factory orders are expected for Tuesday, with earnings from WD-40 and Levi Strauss scheduled for Friday.
“With two quarters of consecutive negative economic growth, a Federal Reserve seemingly intent on aggressive tightening regardless of the economic and market backdrop, and signals of a more marked slowdown, an earnings season that surprises to the upside rather than the expected downside, could help restore a semblance of stability in markets,” said Quincy Krosby, chief equity strategist for LPL Financial.