U.S. futures slip as traders return from Labor Day weekend
U.S. stock futures were broadly lower Tuesday morning, with Dow futures down 0.77%, S&P 500 futures off 0.24% and Russell 2000 futures down 0.49% as markets reopened after Labor Day.
U.S. stock futures are broadly lower early Tuesday as Wall Street returns from the long Labor Day weekend, with traders facing historical post-holiday headwinds and surging oil prices. Polymarket (CRYPTO: POL) traders are leaning heavily bearish for the Sept. 8 session, with the “S&P 500 (SPX) Up or Down on September 8?” contract showing a 28% chance of a higher open.
Traders are navigating a historically difficult trading day alongside geopolitical pressures. The Tuesday immediately following Labor Day has seen declines for the Dow, S&P 500 and Russell 2000 for nine consecutive years. Dow Jones futures dropped 0.77%, S&P 500 futures fell 0.24% and Russell 2000 futures slipped 0.49%, while Nasdaq 100 futures managed a 0.16% gain. The ongoing U.S.-Iran conflict continues to roil energy markets.
President Donald Trump said gas prices will fall “precipitously” to below $2 a gallon once the U.S. wins the war. Current prices remain highly elevated. Brent crude futures rose to $98.65 a barrel, up 1.70%, while U.S.
West Texas Intermediate crude climbed to $94.06 a barrel, higher by 2.82%. Investors are turning to upcoming economic data that could influence the Federal Reserve’s interest rate decisions, with the August Consumer Price Index report due on Friday. The market will also watch Apple Inc.’s product release event on Wednesday, which is expected to include new iPhone 18 models. Tuesday’s after-the-bell earnings docket includes Casey’s General Stores Inc., GameStop Corp., ServiceTitan Inc.
and Braze Inc. The Sept. 4 Polymarket contract resolved “Down,” with $86866 in total trading volume. On Friday, the SPDR S&P 500 ETF Trust and Invesco QQQ Trust ETF, which track the S&P 500 and Nasdaq-100, closed mixed.
The SPY fell 0.39% to $770.19, while the QQQ rose 0.18% to $718.96. Average ETF Trust (NYSE: DIA) also finished 0.53% lower at $534.08. Read also: Top Economist Fires Back at JD Vance Over Milton Friedman — “If he bothered to listen to Friedman, he might learn a thing or two.”