Futures are little changed as investors await the jobs report later this week

US futures were little changed at the start of the week, with a key jobs report likely to set the market’s tone for the rest of the year.

US stock and bond markets were closed on Labor Day Monday. Technology-focused Nasdaq-100 futures rose slightly in light trade, while the Dow industrials fell.

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A tumultuous August ended on a high note Friday, with the S&P 500 ending up 1% and the Nasdaq-100 up 1.1% for the day. All indices rose this month.

September looks less promising if history is any indication. The S&P 500 has lost ground in each of the past four Septembers, according to Deutsche Bank.

Much of what happens next could depend on the August jobs report, due on Friday. A disappointing one for July sparked concerns about the economy and the unwinding of popular trades, including bets on big tech companies.

“The jobs report is by far the biggest event we’re all waiting for,” said Jan von Gerich, chief analyst at Nordea.

Von Gerich said his expectation is that August’s jobs report will not show the kind of weakness seen in July, prompting the Federal Reserve to gradually cut interest rates. But if more jobs were created last month, it could trigger a bond sell-off as the Fed may be less willing to act decisively.

Outside the US, indices were mixed on Monday. Hong Kong’s Hang Seng index fell more than 1.6 percent after mixed Chinese manufacturing data.

In Germany, where the nationalist AfD party scored its first victory in state elections, the DAX pared initial losses to close at a record high. Analysts said the AfD was unlikely to actually govern, given other parties’ pledges not to form coalitions with it.

In the UK, Rightmove shares rose more than 25% after Australian group REA said it was considering a bid for its peer, with the aim of creating a $25 billion real estate advertiser. REA shares fell 5% in Australia.

REA is 61 percent owned by News Corp., which owns Dow Jones & Co., publisher of The Wall Street Journal.

Write to Patricia Kowsmann at [email protected]

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