The long weekend is over, and US futures are up a hair
Dow futures are up 77 points, S&P 500 futures are up 11 points, and Nasdaq futures are up 22 points. This only makes up for a fraction of what the markets lost on Friday.
If you've been completely unplugged, you didn't miss too much. And if you're on vacation for the rest of the week, there isn't a whole lot on the economic calendar.
The US stock and bond markets were closed Monday for the Labor Day holiday. European and Asian markets were open and the mostly closed modestly higher. China's Shanghai Composite closed down 2.5% and Hong Kong's Hang Seng closed down 1.2%.
The big headline from the long weekend came from the People's Bank of China which revealed the pace at which it was burning through its cash hoard. China's currency reserves fell by a record $93.9 billion in August to $3.557 trillion as the country struggles to prop up its weak currency. The People's Bank of China is selling dollars and buying yuan, which has been suffering since China devalued it against the dollar.
"The fear is that today's data will reinforce the market view that the only way for the yuan to go is down, and further accelerate capital outflows," Bloomberg's Tom Orlik said.
For more on what's happening, read Greg McKenna's 20-second guide to what Australian traders will be talking about.