US futures paint a bleak outlook for the new trading week as reliance on data urges caution ahead of key high street readings and Fed speeches

Major U.S. index futures are significantly lower on Monday, signaling stocks may continue Friday's bearish momentum.

U.S. stocks closed the week ended August 26 with steep losses, driven by the hawkish stance of the Federal Reserve. After a lackluster start to the week, the major averages regained momentum on Wednesday and Thursday before Fed Chairman Jerome Powell brought them all back sharply lower on Friday.

The S&P 500 Index, a broader gauge of U.S. equities, ended the week down 4.04% at 4,057.66, heading back to its lowest level since the 4 023.61 reached on July 27. second consecutive week of losses for the average. The Dow Industrials blue chip average fell 4.2% for the week, ending at a 1-month low of 32,283.40.

The tech-heavy Nasdaq Composite posted a weekly loss of 4.4% before ending at 12,141.71.

At press time, Dow futures were down 0.82%, S&P 500 futures were down 0.90% and futures on the Nasdaq 100 were down 1.11%.

Credit Suisse analysts say investors will focus this week on the August jobs report, ISM manufacturing index, Conference Board consumer confidence data and expected remarks from several FOMC voting members.

September could bring more weakness, based on the month's historical performance, several market watchers commented on Twitter. Data shared by the Trend Spider trading platform showed Apple Inc. AAPL declining 70% of the time in September. Given that Apple has the largest weighting in the S&P 500, this doesn't bode well for the index.

Economic expert Raoul Paul sounded cautious about the strength of the dollar and its impact on risky assets.

"Personally, I think we are saved by weak economic data this week," he commented.

See also: How Much $1,000 Invested in Apple, Amazon, Bitcoin, and Gold After Friday's Drop Are Worth Returning to historic highs

On the economic front, the results of a regional manufacturing survey are due at 10:30 a.m. ET. The Dallas Federal Reserve's General Business Activity Index measuring manufacturing activity in Texas is expected to remain in negative territory at minus 12.3 in August. The reading, however, would mark an improvement from July's 22.6.

On the corporate front, contract drug manufacturing organization Catalent, Inc. CTLT is due to release quarterly results before market open.

Crude oil futures rise slightly.

Among global markets, Asian equities notably fell on Monday, following the performance of Wall Street last Friday. European markets are also in the red.

In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY was down 0.92% at $401.60 and the Invesco QQQ Trust QQQ was down 1.11% at $304.03, according to Benzinga Pro data.< /p>

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