US pre-open: Futures head south ahead of ISM's non-manufacturing PMI
By Iain Gilbert
Date: Monday 05 Dec 2022
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Monday as market participants awaited the release of last month's non-manufacturing purchasing managers index from the Institute for Supply Management.
As of 1230 GMT, Dow Jones futures were down 0.42%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.45% and 0.33% weaker, respectively.
The Dow closed 34.87 points higher on Friday despite a better-than-expected non-farm payrolls report.
Futures traded lower early on Monday, ignoring cues from Asian markets from overnight, where shares rallied after China began to ease certain Covid-19 testing rules in a number of cities and hinted that even more relaxations may follow.
On the macro front, a final reading of November's S&P Global composite and services PMIs will be released at 1445 GMT, while last month's Institue for Supply Management's non-manufacturing PMI and October factory orders data will follow at 1500 GMT.
In the corporate space, United Airlines shares traded higher in pre-market trading after analysts at Morgan Stanley upgraded the carrier from 'equal weight' to 'overweight'.
Reporting by Iain Gilbert at Sharecast.com
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