S&P Futures Slip on U.S. Government Shutdown, ADP Jobs Report in Focus

Economic Indicators - U.S. JOLTs job openings rose to 7.227 million in August, exceeding expectations of 7.190 million [1] - U.S. July S&P/CS HPI Composite - 20 eased to +1.8% y/y from +2.2% y/y in June, stronger than expectations of +1.7% y/y [1] - U.S. Conference Board's consumer confidence index fell to a 5-month low of 94.2 in September, weaker than expectations of 96.0 [1] - U.S. Chicago PMI unexpectedly fell to 40.6 in September, weaker than expectations of 43.4 [1] Market Movements - Wall Street's major indexes ended in the green, with Pfizer (PFE) climbing over +6% after securing a three-year exemption from tariffs [2] - CoreWeave (CRWV) surged more than +11% following a $14.2 billion AI cloud-computing deal with Meta Platforms [2] - Albemarle (ALB) slumped more than -6% after news of the restart of the CATL mine in China [2] Government Shutdown Impact - U.S. government shutdown is expected to pause some federal services and furlough approximately 750,000 employees, costing $400 million per day in lost compensation [4] - Key economic data releases are at risk during the shutdown, including weekly jobless claims and payroll reports [4] - Market sentiment took a hit with December S&P 500 E-Mini futures trending down -0.56% [5] Federal Reserve Outlook - Fed Vice Chair Philip Jefferson noted a weakening labor market alongside rising inflation pressures, complicating monetary policy [6] - Rate futures indicate a 94.6% chance of a 25 basis point rate cut at the next FOMC meeting in October [7] Upcoming Economic Data - Investors are focused on the U.S. ADP Nonfarm Employment Change data, with forecasts for September at 52K, down from August's 54K [8] - The U.S. ISM Manufacturing PMI is expected to be 49.0, while the S&P Global manufacturing PMI is forecasted at 52.0 [9] - U.S. Construction Spending data is anticipated to show a -0.1% m/m change for August, consistent with July [9] - U.S. Crude Oil Inventories are expected to show an increase of 1.5 million [10]