Stock futures begin September as markets reel on worries of rising rates

U.S. stock futures fell on Thursday, the first day of September, as traders continued to fret over the prospect of higher Federal Reserve rates.

Dow Jones industrial average futures fell 187 points, or 0.6%. S&P 500 and Nasdaq 100 futures were down 0.7% and 1.1%, respectively.

Nvidia shares contributed to the losses, falling more than 5% after the chipmaker said The US government restricts some sales in China.

Those moves followed four days of losses in the major averages. On Wednesday, the last day of August, the Dow fell nearly 0.9%. The S&P 500 lost about 0.8%, and the Nasdaq Composite fell roughly 0.6%.

The Dow closed the month down about 4.1%, while the S&P and Nasdaq posted losses of 4.2% and 4.6%, respectively.

Investors are debating whether stocks will rechallenge June’s lows in September, a historically bad month for markets, after weighing recent dovish comments from central bank officials who show no signs of easing interest rate hikes.

“If we do revisit the low, I think it will happen in September,” SoFi’s Liz Young said Wednesday on CNBC’s “Closing Bell: Overtime.” However, “to do that, I think something would have to be materially worse than it was on June 16,” when stocks are down, such as earnings revisions that come in worse than investors expect.

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