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US inventory futures are flat initially of the buying and selling week as traders fear concerning the influence of the delta

A trader works on the floor of the New York Stock Exchange.

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US stock futures were flat Tuesday morning amid ongoing concerns about the impact of the Delta variant on the economic reopening.

Dow Jones Industrial Average futures rose 6 points. S&P 500 futures were unchanged and Nasdaq 100 futures traded slightly in negative territory. The NYSE was closed on Monday for Labor Day.

Goldman Sachs downgraded its economic outlook over the weekend, referring to the delta option and weakening fiscal incentives. Goldman now sees 5.7% annual growth in 2021, which is below the 6.2% consensus. The company lowered its fourth quarter GDP outlook from 6.5% to 5.5%.

"The hurdle to strong consumption growth in the future appears to be much higher: the delta variant is already dragging growth in the third quarter, and weakening fiscal stimulus and a slower service sector recovery will be headwinds in the medium term," said Goldman.

The S&P 500 is slightly in the green in September, up 0.3% so far, but it is a month that has challenged the markets in the past. The month saw an average decline of 0.6%, according to the CFRA, the worst of all months, with a positive rate of only 45%.

Morgan Stanley downgraded US stocks to underweight on Tuesday.

"We're seeing a bumpy September-October as the final stages of a mid-cycle transition," wrote Andrew Sheets' strategists. "We continue to believe that this is a 'normal' cycle, just hotter and faster, and our cycle model remains 'stretched'. But the next two months are at an excessive risk for growth, Politics and the Legislative Agenda. "

Boeing shares were lower in pre-trading hours after the Wall Street Journal reported that shipments for the 787 Dreamliner were likely to be further delayed.

GM's shares fell in early trading after various car leaders said at the Munich Motor Show Monday that a global chip shortage was likely to continue to weigh on the industry.

In Friday's regular trading session, the Dow lost 74.73 points, or 0.21%, while the S&P 500 was down a modest 0.03%. Tech-heavy Nasdaq rose 0.21%, helping the broader market.

The losses came after the August job report fell below expectations, underscoring ongoing concerns over the spread of Covid and its Delta variant. The number of non-farm employees rose 235,000 in August, the Department of Labor reported, but economists polled by Dow Jones estimated 720,000 jobs.

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Year to date, the Dow is up 15.5%, the S&P is up 20.7% and the Nasdaq Composite is up 19.2%, although investors and analysts are still looking for a major correction in September.

"Granted, passive investors haven't felt any pain yet," Bank of America said in a note Friday, adding that "2021 will be another year the [S&P 500] put it down, but some signs point to it." suggest that it might be time to start doing so, being more choosy when it comes to stocks. "

No economic data will be released on Tuesday. Investors will look at unemployment claims data on Thursday and producer prices on Friday.

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