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At
06:14 a.m. ET, Dow e-minis were up 100 points, or 0.35%, S&P 500
e-minis were up 5.5 points, or 0.15%, and Nasdaq 100 e-minis
were down 24.5 points, or 0.22%.
Tesla Inc fell more than 4% in premarket trade, as logistical
challenges overshadowed its record vehicle deliveries, which
were announced on Sunday.
Weakness in Tesla spilled over to its other rate-sensitive peers
including Apple Inc and Amazon.com, both of which were down 0.4%
each.
All three major indexes ended a volatile third quarter lower on
Friday as growing fears that the Federal Reserve's aggressive
monetary policy will tip the economy into recession weighed on
investor sentiment. [.N]
"Looking ahead, October brings earnings, with Q3 estimates
already declining 7%, and the whisper numbers a bit more than
that," said Howard Silverblatt, senior index analyst at S&P Dow
Jones Indices.
"The larger concern (than the actual numbers for Q3, when
consumers were still spending) is the guidance for Q4, as
consumers have pulled back, inflation continues and the Fed's
'adjustments' will have a more substantial impact."
Further, global factory output mostly weakened in September as
slowing demand added to the pain from persistent cost pressures
and tighter monetary policy, diminishing economic recovery
prospects.
The focus will be on ISM manufacturing index data for September
at 10 a.m. ET, at a time when the world's largest economy is
grappling with overshooting price pressures.
Credit Suisse trimmed its year-end 2022 target for by about 10%
to 3,850 points, as corporate earnings take a hit from slowing
economic growth.
It has also set a 2023 year-end price target for the benchmark
index at 4,050 points, adding that 2023 would be a "year of
weak, non-recessionary growth and falling inflation."
(Reporting by Ankika Biswas in Bengaluru; Editing by Anil
D'Silva)
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