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U.S. stock futures jumped Monday as Wall Street tried to recover some of the steep losses suffered last week.
Futures for the Dow Jones Industrials jumped 258 points, or 0.6% to begin the week at 40,665.
Futures for the broader market hiked 35 points, or 0.7%, at 5,454.50.
Futures for the NASDAQ leaped 139.25 points, or 0.8%, to 18,597.50.
The stock market suffered serious losses to kick off its first trading week of September, a historically tough month for equities. The S&P 500 tumbled 4.3%, registering its worst week since March 2023. The NASDAQ plunged 5.8% for its worst weekly performance since 2022, while the 30-stock Dow dropped 2.9%.
These declines came after the August jobs report stoked fears of a slowing labor market. Economic data released Friday revealed that nonfarm payrolls grew by just 142,000, missing the 161,000 gain expected by economists surveyed by Dow Jones. On the other hand, the unemployment rate ticked lower to 4.2%, as economists had expected.
The market has now priced in a 71% chance that the Fed could cut rates by 25 basis points at its next meeting and just a 29% chance of a 50-basis-point rate cut. But some experts are of the opinion, that even a weaker-than-expected consumer or producer price report won’t be enough to spur a heftier rate cut.
In Japan, the Nikkei 225 declined 0.5% Monday, while in Hong Kong, the Hang Seng dumped 1.4%.
Oil prices took on 77 cents to $68.44 U.S. a barrel.
Gold prices soared $1.80 to 2,526.40.