The S&P 500 remains less than 4% away from its record highs touched in February.
“Market sentiment cannot find an anchor since trade policies remain fluid,” said Kathleen Brooks, research director at XTB.
The Organisation for Economic Cooperation and Development revised its global growth forecast down to 2.9% for 2025, from 3.1% expected earlier, citing the effects of Trump’s trade war on the U.S. economy.
Deutsche Bank, however, raised its year-end target for the S&P 500 to 6,550 from 6,150, citing lower tariff-related pressure on earnings and a resilient economy.
At 07:22 a.m. ET, Dow E-minis were down 132 points, or 0.31%, S&P 500 E-minis were down 14.5 points, or 0.24%, and Nasdaq 100 E-minis were down 26.75 points, or 0.12%.
Most megacap and growth stocks were down in premarket trade.
April factory orders and JOLTS job openings data are scheduled for release at 10:00 a.m. ET. U.S. central bank officials including Fed Board Governor Lisa Cook, Chicago Fed President Austan Goolsbee and Dallas President Lorie Logan are due to speak through the day.
Later in the week, monthly jobs data may offer more signs on how trade uncertainty is affecting the world’s biggest economy.
In stocks, Pinterest (PINS.N), opens new tab rose 3.8% after J.P.Morgan raised its rating to “overweight” from “neutral”.
Constellation Energy (CEG.O), opens new tab rose 13.9% after Meta Platforms (META.O), opens new tab said it had struck a power agreement with the utility’s nuclear plant.
Dollar General (DG.N), opens new tab rose 10.8% as the discount retailer raised its annual sales forecast after surpassing quarterly sales expectations.