(Reuters) – Futures tied to Wall Street’s primary indexes slipped ahead of labor data expected afterward Wednesday as worries lingered in regards to the health of the U.S. economy.

Wall Street’s primary indexes logged their biggest one-day loss since early August on Tuesday after investors dumped technology-related stocks in a dour begin to what has been a historically weak month for U.S. equities.

The danger-off mood was exacerbated by data that showed manufacturing activity remained in contractionary territory, nearly a month after signs of softening labor demand sparked a world market rout.

Traders now await July’s Job Openings and Labor Turnover Survey due at 10 a.m. ET on Wednesday for clues in regards to the size of the Federal Reserve’s expected rate of interest cut in September.

Markets see a 61% likelihood of the U.S. central bank cutting rates of interest by 25 basis points, in line with CME Group’s FedWatch Tool, while that of a 50 bps cut has increased to 39% from around 31% a day earlier.

Data on July factory orders and the Fed’s survey, often known as the “Beige Book”, are also expected on Wednesday.

At 05:30 a.m. ET, Dow E-minis were down 82 points, or 0.20%, S&P 500 E-minis were down 18.75 points, or 0.34%, and Nasdaq 100 E-minis were down 100 points, or 0.53%.

Chip stocks, which have led much of this yr’s rally on the prospects of artificial intelligence, fell sharply on Tuesday, with the Philadelphia SE Semiconductor index falling 7.8% to notch its steepest one-day drop for the reason that COVID-19 pandemic.

Nvidia fell 0.8% in premarket trading on Wednesday after a report said the U.S. Department of Justice sent a subpoena to the AI chip firm because it deepens its probe into the corporate’s antitrust practices.

A ten% slump within the previous session wiped off a record $279 billion from Nvidia’s market capitalization – the most important ever single-day decline in market value for a U.S. company.

Other growth stocks reminiscent of Tesla lost 0.8%, Apple shed 0.9% and Microsoft slipped 0.5%.

Amongst others, Zscaler forecast fiscal 2025 revenue and profit below estimates, sending the cybersecurity company’s shares down 15%.

PagerDuty fell 15.2% after the digital operations management platform forecast downbeat revenue for the third quarter, while GitLab jumped 17% after the software development tools provider lifted its annual revenue forecast.

(Reporting by Johann M Cherian in Bengaluru; Editing by Shounak Dasgupta)