Page One

The S&P 500 futures are down 20 points and are trading 0.4% below fair value, the Nasdaq 100 futures are down 91 points and are trading 0.5% below fair value, and the Dow Jones Industrial Average futures are down 150 points and are trading 0.4% below fair value.

Stock futures are lower after Friday's strong jobs report fueled a rally in equities. The labor market data also led participants to rethink how aggressive the Fed will be with rate cuts.

Pre-open losses in some mega cap names have weighed down contracts linked to the Dow industrials, S&P 500, and Nasdaq 100. Rising market rates are another contributing factor. The 10-yr yield is up two basis points 4.00% and the 2-yr yield is up six basis points to 3.99%.

Today's economic data is limited to the August Consumer Credit report at 3:00 ET.

In corporate news:

• Apple (AAPL): downgraded to Hold from Buy at Jefferies; is slowly moving away from annual upgrade schedule for some products, according to Bloomberg
• Amazon.com (AMZN): downgraded to Equal Weight from Overweight at Wells Fargo
• Chevron (CVX): sells interests in the Athabasca Oil Sands Project and Duvernay Shale for $6.5 bln
• Pfizer (PFE): Starboard Value aiming to take stake in Pfizer, according to WSJ