New York, Feb 2, 2026, 07:36 EST — Premarket
- Futures for stock indexes edged lower before the cash market opened; oil prices fell as volatility pushed higher.
- First up are factory surveys, then the ISM report drops after the S&P Global PMI.
- The spotlight this week falls on Friday’s U.S. jobs report as the main macroeconomic event.
U.S. stock index futures slipped on Monday as traders absorbed a wave of early-week data and earnings. S&P 500 futures fell 0.5% to 6,931, while Nasdaq 100 futures declined 0.9% to 25,452. Dow futures were down 0.1% at 48,968, following a roughly 0.4% drop in the cash S&P 500 on Friday. Crude oil prices plunged 4.9%, settling at $62.05 a barrel. The 10-year Treasury yield eased to 4.23%, the dollar index crept up 0.1%, and the VIX held around 18.5.
The U.S. economic calendar opens today with a batch of factory surveys that might rattle interest rate forecasts. All eyes are on the purchasing managers’ index, or PMI, a key measure of business activity where a number above 50 signals expansion.
BMO Capital Markets has S&P Global’s final January manufacturing PMI coming at 9:45 a.m. ET, with the Institute for Supply Management’s manufacturing PMI following at 10 a.m. The Fed’s quarterly Senior Loan Officer Opinion Survey, which tracks credit conditions, is due at 2 p.m. Later this week, expect data on Job Openings and Labor Turnover Survey (JOLTS), ADP’s private payrolls estimate, the ISM services report, and Friday’s employment figures. The calendar also flags possible delays for some U.S. releases if the federal government shutdown happens amid the ongoing Washington funding standoff.
Economists polled by Investing.com forecast the ISM headline index will edge up to 48.5 in January, up from 47.9. The prices-paid index, a key gauge of input inflation, is expected to rise to 59.3 from 58.5. S&P Global’s manufacturing PMI is seen at 51.9, barely nudging higher than last month’s 51.8. In premarket trading, Tesla and NVIDIA dipped about 1%, while Oracle jumped nearly 4%. Palantir and Walt Disney are scheduled to report earnings Monday.
Gold and silver prices stayed volatile after CME Group raised margin requirements on precious-metal futures, effective post-Monday close. By 11:48 GMT, spot gold had fallen 1.8% to $4,775.96 an ounce, following an earlier plunge of nearly 10%. Spot silver dipped 1.1% to $83.73. “The increase in margin requirements makes holding speculative positions less appealing now,” said Zain Vawda, an analyst at OANDA. Reuters
Policy uncertainty persisted as the U.S. slipped into a government shutdown over the weekend, Reuters reported. Oil prices tumbled after Donald Trump said he would initiate peace talks with Iran. Investors braced for key earnings from Alphabet, Amazon, and AMD. Oracle announced intentions to raise $45 billion to $50 billion in debt and equity this year to fund data centers and other initiatives.
Trump’s pick of former central banker Kevin Warsh to replace Jerome Powell at the Federal Reserve this May has stirred debate about where interest rates are headed. Sonu Varghese of Carson Group suggested the move could tilt the Fed toward being “hawkish at the margin,” increasing the chances that rates remain high. Reuters
The data leaves room for interpretation. A stronger ISM prices reading might stoke worries about persistent inflation, putting pressure on rate-sensitive stocks. On the flip side, a weak factory report could raise growth concerns just as earnings season is heating up.
Factory surveys are behind us now, and attention turns to Friday’s January jobs report, due at 8:30 a.m. ET from the U.S. Bureau of Labor Statistics. This will provide the most detailed look this week at hiring and wage movements.
