Global Markets Face Downturn, Eyes on Labor Department’s Job Report

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Global Markets Face Downturn, Eyes on Labor Department’s Job Report

Global markets are facing a downturn on Tuesday, with early trends suggesting that Wall Street could open lower. The Dow futures were down 129.00 points, the S&P 500 futures were declining by 19.50 points, and the Nasdaq 100 futures were sliding by 82.75 points as of 8:00 am ET.

On Monday, the U.S. major averages finished mostly up, with the Nasdaq climbing by 88.45 points or 0.7 percent to 13,307.77 and the S&P 500 inching up by 0.34 points or less than a tenth of a percent to 4,288.39. However, the Dow slipped by 74.15 points or 0.2 percent to 33,433.35.

The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) report for August is set to be published at 10:00 am ET today, which could be a highlight of the day. The consensus for job openings is pegged at 8.75 million, slightly lower than July's figure of 8.827 million.

Asian stocks also fell sharply today; Hong Kong's Hang Seng index tumbled by 2.69 percent to 17,331.22 as trading resumed after a long holiday weekend. Chinese markets remained closed for the holidays. Japanese shares followed suit with the Nikkei average slumping by 1.64 percent to 31,237.94 and the broader Topix index settling at 1.68 percent lower at 2,275.47.

Australian markets declined after the Reserve Bank of Australia held interest rates steady for a fourth month but reiterated that further policy tightening might be needed to bring inflation under control within a "reasonable timeframe". The benchmark S&P ASX 200 dropped by 1.28 percent to 6,943.40 while the broader All Ordinaries index ended down by 1.31 percent at 7,141.

European shares are also trading in negative territory today. France's CAC 40 is down by 54.83 points or 0.78 percent, Germany's DAX is declining by 122.67 points or 0.80 percent, England's FTSE 100 is declining by 10.73 points or 0.14 percent, and the Swiss Market Index is sliding by 74.33 points or 0.68 percent.

Euro Stoxx 50 , which provides a blue-chip representation of supersector leaders in the Eurozone, is down by 0.71 percent.

In other economic news, a 52-week Treasury bill auction will be held at 11:30 am ET today.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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