U.S. stock futures pointed to a big decline Wednesday as October continued to be volatile amid concerns about rising rates, higher inflation, the state of the reopening and the debt limit.
Futures for the Dow Jones Industrials fumbled 302 points, or 0.9%, to 33,881.
Futures for the S&P 500 slipped 46.25 points, or 1.1%, to 4,287.75.
Futures for the NASDAQ Composite Index tumbled 183.75 points, or 1.3%, to 14,471.50.
So far in the three prior trading sessions of October, the Dow has gained 483 points, lost 324 points and on Tuesday, jumped 312 points. And now futures point to another big decline.
It was a broad selloff in pre-market trading.
American Airlines and JetBlue led reopening plays lower, falling 3% each in pre-market trading following a downgrade by Goldman Sachs. Goldman cited higher fuel prices and slower near-term demand.
Names linked to the global economic recovery declined. Shares of Boeing, General Electric and Ford were all lower in pre-market trading.
Tech shares were also taking hits with Facebook, Amazon, Apple and Microsoft all lower by more than than 1%.
The ADP private payrolls report for September is set to be released Wednesday morning. That will set the tone ahead of the closely followed nonfarm payrolls report on Friday from the U.S. Labor Department, which could determine how soon the Federal Reserve will begin removing policy stimulus.
Investors are also monitoring progress in Washington on the debt ceiling. Treasury Secretary Janet Yellen told the media Tuesday the U.S. would fall into a recession if Congress failed to raise the debt ceiling before an Oct. 18 deadline.
Overseas, in Japan, the Nikkei 225 faded 1.1% Tuesday, while in Hong Kong, the Hang Seng stepped backward 0.6%.
Oil prices ditched 35 cents to $78.58 U.S. a barrel.
Gold prices dropped $5.40 to $1,755.50 U.S. a pound.