Futures drop as megacaps retreat ahead of key jobs data

- Wall Street's index futures dipped on Tuesday as megacap stocks pulled back after a strong session, while some caution crept in ahead of jobs opening data and a series of other crucial U.S. labor market reports due throughout the week for monetary policy cues.

On the data front, the job openings and labor turnover survey, or JOLTS, is due after market open and is expected to show job openings fell to 7.910 million in May from 8.059 million in the previous month.The data would be crucial in determining the state of the U.S. labor market, which remains somewhat resilient even against the backdrop of decades-high interest rates - a key determinant of economic health.

As recent data signals a renewed moderation in inflation and some signs of economic weakness, market participants are holding on to their bets around two interest rate cuts by this year-end, starting from September, as per LSEG's FedWatch data. At 5:31 a.m. ET, Dow e-minis were down 124 points, or 0.31%, S&P 500 e-minis were down 23.25 points, or 0.42%, and Nasdaq 100 e-minis were down 102.25 points, or 0.51%.

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