US futures point to disappointing start to week's jobs report with Powell ready to speak

U.S. stock futures fell on Monday but were still poised for strong monthly and quarterly gains as investors waited to hear Jerome Powell speak ahead of the crucial monthly jobs report.

Dow Jones Industrial Average (YM=F) futures slipped about 0.1%, after hitting a record high to end a strong week. Futures on the S&P 500 (ES=F) fell 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) fell 0.3%.

Wall Street indexes were still aiming for a monthly gain heading into the last trading day of September, typically the cruelest month for stocks. The Federal Reserve's massive interest rate cut and signs of resilience in the U.S. economy lifted sentiment, helping stocks post three consecutive weekly gains.

Investors are now preparing for the September jobs report, due Friday, seen as an important test for the recent recovery. The pressing question is how quickly the labor market is slowing, as the market questions whether the Fed acted aggressively to protect a healthy economy or to help a struggling economy. Fed Chair Powell's comments on the economic outlook Monday afternoon could help settle this debate.

Read more: What the Fed's rate cut means for bank accounts, CDs, loans and credit cards

A growing pile of profit warnings from automakers dampened the mood Monday morning. Shares of Stellantis (STLA, STLAM.MI) fell 13% after Chrysler's parent company cut its margin outlook, citing supply chain disruption and weakness in China. General Motors (GM) and Ford (F) both fell more than 3% in tandem. Luxury carmaker Aston Martin (AML.L) also warned about its profits.

Overseas, China's benchmark stock index (000300.SS) posted its biggest rise since 2008, entering a bull market as buyers rushed ahead of a week-long holiday. Investors fear missing out on the support provided by Beijing's stimulus measures, which have also boosted U.S. confidence.

But in Japan, the Nikkei 225 (^N225) index fell as Shigeru Ishibas surprised to victory as the likely future leader and wrong-footed investors betting on his pro-easing rival.

Oil prices flipped after rising as Israel intensified its attacks in Lebanon, as traders weighed the likely boost from Chinese measures to boost the world's second-largest economy.

Focus was also on California Governor Gavin Newsom's veto of the first US bill to regulate large-scale AI, seen as a victory for big tech.

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