Wall St futures kick off September under pressure as yields, oil prices rise

At 4:46 a.m. ET, Dow E-minis YMcv1 shed 251 points, or 0.48%, S&P 500 E-minis EScv1 were down 37 points, or 0.48%, and Nasdaq 100 E-minis NQcv1 fell 244 points, or 0.83%.

The Labor Department's Job Openings and Labor Turnover Survey, also known as the JOLTS report, will be in focus later in the session, ahead of the more crucial nonfarm payrolls data on Friday.

The reports are expected to be analyzed for clues on the health of the labor market after Federal Reserve Chair Kevin Warsh said taming inflation is the central bank's chief focus.

"The Fed's focus remains squarely on inflation. A (payrolls) report landing near consensus would reinforce the view that the timing of any future policy shift hinges more on the path of price pressures than on the pace of payroll growth," Glenmede's investment strategists wrote.

Big movers in the premarket session included Robinhood HOOD.O, which rose 2.5% after Morgan Stanley upgraded the stock.