US Stock Futures Point to Muted Open

US equity futures were mostly lower on Tuesday amid fresh concerns for the US labor market and continued skepticism on whether AI valuations are warranted by fundamentals.

Contracts tracking the S&P 500 and the Nasdaq 100 were slightly lower, while those for the Dow were flat.

Data from the ADP indicated an average of 11,250 jobs were lost per week through most of October, consolidating the wave of pessimistic data released by private sources regarding the US labor market.

In the meantime, stocks with exposure to soaring AI capital expenditures remained under pressure from recent concerns of frothiness after SoftBank sold its entire $5.8 billion stake in Nvidia to fund other AI ventures.

Nvidia futures were 2% down, while Oracle, Meta, and Tesla fell more than 1.5%.

Still, broader stocks were mixed amid lingering hopes that the US government shutdown may end this week.

The House of Representatives is due to vote on a temporary funding bill after it was approved by the Senate.