Stock futures edged lower Tuesday evening on the heels of a mixed session during the regular trading day, with the three major indexes struggling for direction at the start of June.
Contracts on each of the three major indexes dipped as the overnight session began. Cyclical and “reopening” stocks had outperformed during the regular trading day, helping the Dow end in positive territory while the S&P 500 and Nasdaq declined. Still, shares of stay-at-home stock Zoom Video Communications (ZM) rose in late trading after the company’s first-quarter earnings and current-quarter guidance topped estimates, helping alleviate concerns over a growth slowdown for the software company as more in-person activities resume.
Investors on Tuesday digested a mixed report on the state of U.S. manufacturing from the Institute of Supply Management. While the headline index of manufacturing sector activity topped estimates, the report also showed that labor shortages contributed to rising prices and capped production. The Labor Department’s May jobs report on Friday is set to offer another look at the pace of re-hiring last month and the employment gaps still left to be filled following the pandemic.
