US pre-open: Stocks seen touch weaker ahead of key events

US futures pointed to a marginally weaker open on Wall Street as investors looked ahead to some key data releases and events.

At 1100 BST, Dow Jones Industrial Average and Nasdaq futures were off 0.2%, while S&P 500 futures were down 0.3%, as investors braced for Thursday’s OPEC meeting and Friday’s non-farm payrolls report.

Meanwhile, the main indices in Europe were all in the red as market participants mulled over some mixed Chinese data releases.

China's official manufacturing purchasing managers' index printed at 50.1 in May, unchanged from the previous month.

Meanwhile, the Caixin manufacturing PMI remained below the 50.0 that separates contraction from expansion for the 15th straight month, dropping to 49.2 in May from 49.4 in April.

China's official non-manufacturing PMI fell to 53.1 in May from 53.5 in April, according to the National Bureau of Statistics said.

Oil prices retreated ahead of weekly US crude inventory data later in the day and Thursday’s OPEC meeting. West Texas Intermediate was down 1.6% to $48.33 a barrel while Brent crude was 1.8% lower at $48.98.

Michael Hewson, chief market analyst at CMC Markets, said: “The main focus is likely to be on today’s ISM manufacturing survey for May given the weak manufacturing numbers seen from the various Fed regions.

“Philadelphia, Empire Fed, Dallas Fed and Chicago PMI have all shown sharp falls so it would be surprising if today’s ISM survey wasn’t similarly weak. Expectations are for a reading of 50.3 from 50.8, but it would not be a surprise to see a move below 50.”

ISM manufacturing is at 1500 BST, along with construction spending figures for April.

In corporate news, Under Armour was in the red in pre-market trade after the sportswear maker cut its outlook for the year.

Office supplies retailer Staples nudged higher, however, after announcing that chief executive Ron Sargent will step down following the annual general meeting on 14 June.

Michael Kors and Vera Bradley were among the companies slated to report earnings before the opening bell.