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Stock futures were lower Tuesday as Wall Street looked to find its footing after an uneven start to the month.
Futures for the Dow Jones Industrial Average dropped 197 points, or 0.5%. S&P 500 futures and Nasdaq 100 futures also ticked down 0.5%.
The move in futures came after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday.
Weak manufacturing data weighed on market sentiment, as investors are waiting to see if growth can hold up while the Federal Reserve waits for inflation to decline enough to cut interest rates.
Gabriela Santos, JPMorgan Asset Management chief market strategist for the Americas, said on CNBC’s “Closing Bell” that the economy still looks solid overall even if some investors are losing confidence.
“For us, this is really a story of moderation in the overall pace of growth. But any time you’re moving to a lower altitude, you can have some slightly more choppy areas — some concern about too much deceleration,” she said.
A busy week of economic data continues on Tuesday, with job opening and factory order data for April due out at 10 a.m. ET. The key report of the week will be Friday’s May payrolls report.
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