Futures on the S&P500 (-4.3%) and Nasdaq-100 (-5.8%) augur a particularly gloomy opening to the week on the New York Stock Exchange, as concerns grow over the health of the US economy.

More broadly, the world's stock markets are depressed, as illustrated in particular by Tokyo's 12% plunge at close last night, followed by falls of around 3% on the main European markets.

The macro-economy is deteriorating, but there's nothing to worry about when you take a step back. The market overreacted, for example, to the publication of the US employment figures on Friday", tempered Christopher Dembik, of Pictet Asset Management, this morning.

According to him, the rise in the unemployment rate is partly temporary, as it is the result of the impact of Hurricane Beryl, and "the resulting stock market correction, violent as it often is due to a lack of liquidity and investors during the summer, should not last".

In any case, against this backdrop, traders should be paying close attention to the composite PMI (final data) and ISM services activity indicators for the past month, to be released shortly after the bell.

While the rest of the week promises to be light on macroeconomic data in the USA, the next few days will see a number of major quarterly releases, including those from Amgen, Caterpillar and Walt Disney.

In the meantime, Tyson Foods on Monday reported an almost six-fold increase in adjusted EPS for its third accounting quarter, and its highest adjusted operating profit in seven quarters.

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