Stock markets today: US futures point to jobs report opening week as Powell speaks

US stock futures edged lower on Monday but were still set for strong monthly and quarterly gains as investors waited to hear from Jerome Powell in the run-up to the key monthly jobs report.

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

Wall Street indexes were still eyeing a monthly gain heading into the last trading day of September, typically the cruellest month for stocks. The Federal Reserve's jumbo interest rate cut and signs of resilience in the US economy boosted confidence, helping stocks post three straight weekly gains.

Investors are now gearing up for the September jobs report, due on Friday, seen as an important test for the recent rally. The key question is how fast the labor market is slowing, as markets weigh whether the Fed has acted aggressively to protect a healthy economy or to help a weak one. Fed Chair Powell's comments on the outlook for the economy on Monday afternoon may help settle that debate.

Read more: What Fed Rate Cuts Mean for Bank Accounts, CDs, Loans and Credit Cards

A growing pile of profit warnings from automakers clouded the mood early Monday. Stellantis (STLA, STLAM.MI) shares fell 13% after Chrysler parent cut its margin outlook, citing supply chain disruptions and weaknesses in China. General Motors ( GM ) and Ford ( F ) both fell more than 3%. Luxury carmaker Aston Martin ( AML.L ) also warned on earnings.

Overseas, China's benchmark stock index ( 000300.SS ) posted its biggest gain since 2008, entering a bull market, as shoppers flocked ahead of a week-long holiday. Investors fear missing out on a boost from Beijing's stream of stimulus measures, which also dampened US sentiment.

But in Japan, the Nikkei 225 (^N225) rallied as Shigeru Ishiba's surprise victory as the likely future leader misplaced investors' bets on his easy-going rival.

Oil prices rose as Israel stepped up attacks on Lebanon, as traders weighed a possible boost from China's move to boost the world's second-largest economy.

Also in focus was California Governor Gavin Newsom's veto of the first US bill aimed at regulating large-scale AI, seen as a win for Big Tech.