Nasdaq futures down 119.75 points (Il Sole 24 Ore Radiocor) - New York, 04 Sep - US futures were lower pointing to further losses after a sharp selloff yesterday driven by growth concerns.

Wall Street slumped on Tuesday posting its worst day since August 5 as jitters over weak manufacturing data took their toll. The S&P 500 fell 2.1%, the Dow was down 1.5% while the tech-heavy Nasdaq shed 3.3% led lower by losses for AI chip designer Nvidia.

As inflation eases, investors are turning their attention to slowing economic growth and the possibility it might tip the economy into a recession or sharp downturn.

The labor market has also become a cause for concern after recent data signalled unemployment could be picking up.

A flurry of jobs market data this week, including Friday's key nonfarm payrolls report, starts today with the latest job openings and labor turnover (JOLTS) survey. Several Federal Reserve policymakers have pointed to the labour market as a cause for concern, signalling a cut in interest rates might be appropriate to support payrolls.

Investors are currently betting on a 25, or even 50, basis point cut at the central bank's next monetary policy meeting in September.

On the stocks front, shares in Nvidia are lower in premarket trade after a report it had been subpoenaed by the Justice Department as it seeks evidence of antitrust violations.

Zscaler shares slumped 17% after the cybersecurity company posted a disappointing earnings report.

Companies reporting results today include Hewlett Packard, Dick's Sporting Goods and Dollar Tree.

Futures on the Dow Jones were down 46.00 points, or 0.11%, S&P 500 futures were down 18.50 points, or 0.33%, while futures on the Nasdaq were 119.75 points, or 0.63%, lower.

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(RADIOCOR) 04-09-24 14:32:39 (0347) 5 NNNN