---
title: "US stock futures dip as investors cautious ahead of data week"
description: "U.S. stock index futures dipped as investors remained cautious ahead of key economic reports, including the August nonfarm payrolls. Dow futures fell 0.6%, S&P 500 down 0.7%, and Nasdaq down 0.9%. Mar"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/255619292.md"
published_at: "2025-09-02T12:15:06.000Z"
---

# US stock futures dip as investors cautious ahead of data week

> U.S. stock index futures dipped as investors remained cautious ahead of key economic reports, including the August nonfarm payrolls. Dow futures fell 0.6%, S&P 500 down 0.7%, and Nasdaq down 0.9%. Market expectations indicate a 92% chance of a 25-basis-point interest rate cut by the Fed. Gold miners saw gains due to record-high bullion prices, while PepsiCo rose after news of Elliott Management's activist campaign. Concerns about September's historical performance and Fed independence lingered, impacting market sentiment.

Key points:

-   Futures down: Dow 0.6%, S&P 500 0.7%, Nasdaq 0.9%
-   PepsiCo gains after report Elliott plans activist campaign
-   Gold miners gain as bullion prices hit record high

U.S. stock index futures fell on Tuesday, as investors returning from a long holiday weekend shifted their focus to upcoming crucial economic reports, which could shape the Federal Reserve's stance on monetary easing.

The August nonfarm payrolls report, due on Friday, is the centerpiece of the week and will follow a monthly private payrolls reading and job openings figures.

Markets are pricing in about a 92% chance of a 25-basis-point cut in interest rates at the Fed's meeting later this month, according to the CME Group's FedWatch tool.

Investors' dovish tilt came after July's weak job report, with Fed Chair Jerome Powell acknowledging the growing risks to the labor market at the Jackson Hole symposium, helping the S&P 500 and the Dow log their fourth consecutive month of gains in August.

The Nasdaq logged its fifth straight monthly gain last month.

At 7:40 a.m. ET, Dow E-minis (YMcv1) were down 253 points, or 0.55%, S&P 500 E-minis were down 47.75 points, or 0.74% and Nasdaq 100 E-minis were down 220.75 points, or 0.94%.

Yields on longer-dated U.S. Treasuries rose on Tuesday, with those on the 10-year and 30-year (US30YT=RR) notes at their highest levels in more than a month, pressuring equities.

The CBOE Market Volatility index also touched its highest mark in more than three weeks and was last up 1.84 points at 17.96.

Hedge funds remained hesitant about buying U.S. stocks at the outset of seasonally dour September, according to Goldman Sachs data up to August 25.

The benchmark S&P 500 has lost 1.5% on average in September - its worst month - since 2000, according to data compiled by LSEG. DataTrek Research said it is the only month since 1958 where the index's mean returns are negative.

"September is historically a weak month for equities ... The combination of tariff uncertainty, Fed concerns, and seasonal weakness has left markets on edge," said David Morrison, senior market analyst at TradeNation.

A divided U.S. appeals court ruled on Friday that most of U.S. President Donald Trump's tariffs are illegal, undercutting his use of these levies.

Some worries also persisted about the Fed's independence, as Trump kept up attacks on the central bank.

The markets will also focus on quarterly earnings from a host of retailers to gauge the strength of the U.S. consumer as the impact of Trump's tariffs on the economy starts to show.

U.S. manufacturing activity data for August is due after markets open.

A White House official said that Trump would make an announcement related to the U.S. defense department on Tuesday.

In stocks, gold miners gained in premarket trading after bullion prices hit a record high. U.S.-listed shares of Harmony Gold rose 6.6%, Kinross Gold gained 3% and Newmont added 2%.

PepsiCo shares gained 4.7% after a report by the Wall Street Journal said Elliott Management had taken a $4 billion stake in the beverages giant and was planning an activist campaign.

Fortinet fell 3.5% after Morgan Stanley downgraded the cybersecurity firm's stock.

### Related Stocks

- [PEP.US - PepsiCo](https://longbridge.com/en/quote/PEP.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.