US pre-open: Futures lower after OECD cuts US growth outlook
By Iain Gilbert
Date: Tuesday 03 Jun 2025
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Tuesday, setting major indices off on a course to give back yesterday's gains.
As of 1230 BST, Dow Jones futures were down 0.40%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.44% and 0.41% weaker, respectively.
The Dow closed just 35.41 points higher on Monday, narrowly extending gains recorded in the previous session.
Tuesday's pre-market losses came after the Organisation for Economic Co-operation and Development decided to cut its US growth outlook, stating it now sees the US economy expanding by just 1.6%, down from its previous estimate of 2.2%.
Following the news, the yield on the benchmark 10-year Treasury note dropped more than two basis points to 4.426%, while its two-year counterpart was almost two basis points lower at 3.930%.
Trade Nation's David Morrison said: "US stock index futures were lower this morning, which suggests that some investors/traders are not entirely convinced that the ongoing tariff dispute, let alone renewed concerns over global debt levels, justifies an attempt to drive the US majors to fresh all-time highs. Yet as has happened on so many occasions, investors seem relaxed enough to look past such issues in the firm belief that better times are just around the corner. This, like 'buy the dip', has proved to be a winning strategy time and time again. The trouble is there are occasions when it hasn't worked."
On the macro front, April factory orders and JOLTS job openings figures will be released at 1500 BST, with the latter of which expected to bring yet another decline after last month's four-year low of 7.19m.
In the corporate space, Constellation Energy was up double digits ahead of the open 11% after it struck a 20-year deal to sell nuclear power to Meta Platforms.
Reporting by Iain Gilbert at Sharecast.com
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