US stock futures were little changed to start the week, with a key jobs report likely to set the market tone for the rest of the year.
U.S. stock and bond markets were closed Monday for Labor Day. Futures linked to the tech-focused Nasdaq-100 rose slightly in light trading, while Dow industrials fell slightly.
Most read from The Wall Street Journal
A tumultuous August ended on a high Friday, with the S&P 500 up 1% and the Nasdaq-100 up 1.1% for the day. All indexes rose for the month.
September looks less promising if history is any indication. The S&P 500 has lost ground in each of the last four Septembers, according to Deutsche Bank.
Much of what happens next could depend on the August jobs report, due Friday. A disappointing July report raised concerns about the economy and unwound popular trades, including bets on big tech companies.
“The jobs report is by far the biggest event we are all waiting for,” said Jan von Gerich, chief analyst at Nordea.
Von Gerich said he expects the August jobs report not to show the kind of weakness seen in July, which led the Federal Reserve to gradually cut interest rates. But if job creation were much stronger last month, that could trigger a selloff in bonds as the Fed may be less willing to take decisive action.
Outside the U.S., indexes were mixed on Monday, with Hong Kong’s Hang Seng Index down more than 1.6% after mixed Chinese manufacturing data.
In Germany, where the nationalist AfD party secured its first victory in a state election, the DAX index limited its initial losses to a record high. Analysts said it was unlikely that the AfD would actually be able to govern, given promises by other parties not to form coalitions with them.
In the UK, shares in Rightmove rose more than 25% after Australia’s REA Group said it was considering a bid for its peer, with the aim of creating a $25 billion property advertising business. REA shares fell 5% in Australia.
REA is 61% owned by News Corp., owner of Dow Jones & Co., the publisher of The Wall Street Journal.
Write to Patricia Kowsmann at patricia.kowsmann@wsj.com
Most read from The Wall Street Journal
