Premarket: U.S. futures drop as megacaps retreat ahead of key jobs data

Wall Street ’s index futures dipped on Tuesday as megacap stocks pulled back after a strong session, while some caution crept in ahead of jobs opening data and a series of other crucial U.S. labor market reports due throughout the week for monetary policy cues.slipped in premarket trading after jumping 2%-3% in the previous day. Tesla shed 1% after Monday’s 6% jump ahead of the EV maker’s June-quarter deliveries, expected to fall for two straight quarters for the first time.

The data would be crucial in determining the state of the U.S. labor market, which remains somewhat resilient even against the backdrop of decades-high interest rates - a key determinant of economic health. As recent data signals a renewed moderation in inflation and some signs of economic weakness, market participants are holding on to their bets around two interest rate cuts by this year-end, starting from September, as per LSEG’s FedWatch data.

Further, investors will also parse remarks from Fed Chair Jerome Powell in a policy panel before the European Central Bank forum on central banking.

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