Investing.com – Wall Street futures pointed to a flat to lower open on Monday in what will be a slow start to a busy week for macro data as market participants digest the damage from Hurricane Harvey.
The blue-chip Dow futures lost 20 points, or 0.09%, at 7:00AM ET (11:00GMT), the S&P 500 futures slipped 1 point, or 0.04%, while the tech-heavy Nasdaq 100 futures dropped 3 points, or 0.04%.
With no major economic data on the docket for Monday, the focus will be on Friday’s nonfarm payrolls to gauge how it will impact the Federal Reserve's view on monetary policy through the end of the year.
After last Friday’s speech from Fed chair Janet Yellen failed to shake market expectations by offering no novelties, market players will look to the jobs report to continue to confirm the solid state of the U.S. labor market.
In addition, market players will keep an eye out on a revised reading of second-quarter growth released on Wednesday for further hints on the strength of the world's largest economy.
This week's calendar also features U.S. data on personal income and spending, which includes the personal consumption expenditures inflation data, the Fed's preferred metric for inflation.
Reports on ISM manufacturing sector activity, CB consumer confidence, ADP private sector payrolls and monthly auto sales figures are also on the agenda.
Markets remain skeptical the Fed will raise rates a third time this year due to worries over the subdued inflation outlook, but it is widely expected to start the process of reducing its balance sheet by September.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, remained under pressure, down 0.12% to 92.36 by 7:01AM ET (11:01GMT), while gold for December delivery on the Comex division of the New York Mercantile Exchange received support from Yellen’s lack of additional info, gaining around 0.4%, or $5.11, to $1,303.01.
Most market headlines Monday were focusing on the havoc left behind in Texas by Hurricane Harvey which crippled Houston and its port, while reportedly knocking out 11% of U.S. refining capacity.
Gasoline futures jumped as much as 7% to their highest level in more than two years in early Monday as traders took stock of the storm's impact.
After touching an intraday high of $1.6188, its highest level since July 2015, gasoline futures pared gains, rising 4.04% to $1.6031 a gallon by 7:02AM ET (11:02GMT).
Meanwhile, U.S. crude oil futures slumped 1.11% to $47.34 at 7:03AM ET (11:03GMT), while Brent oil gained 0.13% to $52.29.
On the company front, ride-services company Uber chose Dara Khosrowshahi, the chief executive of travel company Expedia (NASDAQ:EXPE), as its chief executive, according to two sources with knowledge of the matter.
General Electric (NYSE:GE) was reported to be shifting its strategy with its industrial software business, considering expanded partnerships and the possible sale of equity in the unit.
Elsewhere, global stock markets started the week on the back foot, as investors fretted over the economic impact of Hurricane Harvey, while eyeing movements in the currency market.
In Europe, shares were weaker with the benchmark Euro Stoxx 500 off around 0.5%. London's FTSE 100 was closed for a public holiday.
Earlier, Asian equities ended mixed, with benchmarks in mainland China and Hong Kong rising, while Seoul and Sydney finished lower. Japan's Nikkei 225 was little changed.