Source: Sharecast
At 1220 BST, Dow Jones Industrial Average futures were down 0.5%, while S&P 500 and Nasdaq futures were 0.6% and 0.8% lower, respectively.
The S&P Global manufacturing PMI for August is scheduled for release at 1445 BST, while the ISM manufacturing PMI, also for August, is due at 1500 BST.
Joshua Mahony, chief market analyst at Scope Markets, said: "The manufacturing sector remains in focus today, with the US ISM manufacturing PMI released in the afternoon. Coming off the back of a concerning slump that saw the July metric fall to an eight-month low, traders will be on the lookout for further cause for concern as we weight up the trajectory of the US economy.
"Crucially, the divergence between higher prices and lower output for the manufacturing sector provides a worst-case scenario that the Federal Reserve will want to see come to an end sooner rather than later.
"Elsewhere, this week looks to gradually build towards Friday’s jobs report, with traders on the lookout for additional signs of a potential impending recession. Coming off the back of a surprise jump in unemployment that saw the key metric rise to the highest rate since October 2021, the trajectory of unemployment will be crucial in determining the market expectations for the Fed going forward."
On the corporate front, Southwest Airlines flew higher in pre-market trade following a report that Elliott Investment Management now holds a stake of 10%, meaning the hedge fund is allowed to call a special meeting at the airline.
According to Reuters, news of the increased stake comes days before the two sides are scheduled to meet on 9 September to discuss ways to solve problems that have contributed to Southwest's stock losing roughly half its value over the last three years.
Oil services provider Halliburton was also weaker after it said a recent cyberattack had disrupted and limited access to some of its business applications.
