Stocks futures slide ahead of ADP jobs report

‘Buy the dip’ crowd lacks strategy: Financial expert

MarketGauge Group Managing Director Michele Schneider discusses the best investing strategies for today’s volatile markets.

U.S. stock futures were sharply lower Wednesday morning as investors awaited the latest assessment of the labor market. 

Dow Jones Industrial Average futures fell 350 points, or 1.02%, while S&P 500 futures and Nasdaq 100 futures declined 1.21% and 1.4%, respectively. 

Private-sector hiring is expected to have picked up in September with analysts surveyed by Refinitiv expecting the ADP employment report to show the addition of 425,000 workers. The report is due out at 8:15 a.m. ET.

In stocks, mega cap technology names were once again under pressure a day after rebounding from Monday’s sharp selloff. This comes as social media giant Facebook Inc. remained in focus a day after a whistleblower testified about the harmful effects of its platform. 

Elsewhere, Palantir Technologies Inc. secured an $823 million U.S. Army intelligence program contract 

Nvidia Corp. has made undisclosed concessions to E.U. regulators examining its $54 billion deal to buy British chipmaker Arm Ltd.  

Constellation Brands Inc. is scheduled to report ahead of the opening bell while Levi Strauss & Co. will release its quarterly results after markets close. 

In commodities, West Texas Intermediate crude oil slid 43 cents to $78.50 a barrel while gold lost $10.10 to $1,750.80 an ounce.

Overseas markets were weaker across the board. 

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In Europe, Germany’s DAX 30 paced the decline, down 2.37%, as France’s CAC 40 and Britain’s FTSE 100 tumbled 2.27% and 1.80%, respectively. 

Elsewhere, Japan’s Nikkei 225 fell 1.05% and Hong Kong’s Hang Seng index dipped 0.57%. China’s Shanghai Composite remained closed for holiday. 

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