S&P, Nasdaq, Dow futures drift ahead of JOLTS numbers

[Stocks Rise Following Release Of Fed Minutes]
Spencer Platt

Stock index future pointed to little change at the open Tuesday as a looming government shutdown kept traders on edge.

Dow futures (INDU [https://seekingalpha.com/symbol/INDU]) slipped 79 points, or -0.17%, to 46,236.67. S&P 500 futures (SPX [https://seekingalpha.com/symbol/SPX]) dipped 5.32 points, or -0.08%, to 6,655.89, while Nasdaq 100 futures (US100:IND [https://seekingalpha.com/symbol/US100:IND]) lost 21.60 points, or -0.09%, to 24,589.75.

Treasury yields edged lower across the curve. The 2-year yield fell 2.3 basis points to 3.61%, the 5-year yield declined 1.7 basis points to 3.62%, and the 10-year yield slipped 1.3 basis points to 4.13%.

Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) fell -0.84% to $3,801.24, silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) tumbled nearly -2% to $45.99, and crude oil (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) dropped -1.22% to $62.68.

Odds of a shutdown jumped above 80% on prediction markets after a meeting between President Donald Trump and Congressional leaders yielded no progress.

Deutsche Bank’s Jim Reid noted the median length of past shutdowns is just two to three days, though a few have dragged on for weeks, including the record 35-day standoff in 2018-19.

The August Job Openings and Labor Turnover Survey, or JOLTS, hits shortly after the start of trading. That could be the last major data point we see this week if there is a shutdown. The BLS said it will stop collecting data if a shutdown occurs and there will be no data releases (including Friday's big jobs report).

The BLS decision "would unfortunately allow rumor and unreliable survey evidence to gain influence over markets," UBS Chief Economist Paul Donovan said.

Economists expect a slight rise in job openings for August.

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