U.S. stock index futures fell on Monday as markets awaited hints on how the Federal Reserve would respond to Friday's surprisingly strong jobs data and the Organisation for Economic Cooperation and Development (OECD) cut its forecast for global growth.
The Fed is viewed as more likely to hike interest rates next month, since Friday's figures showed that nonfarm payrolls increased by 271,000 in October — the largest gain since December 2014. The unemployment rate fell to 5.0 percent — the lowest since April 2008.
Barclays, for instance, now forecasts an uptick in the federal funds range to 25-50 basis points next month, up from the current 0-25 basis points.
"The recent change in communication, the faster dissipation in uncertainty (VIX mean-reverting faster), and a very solid payroll report necessitate a change in our call to December," said Siddhartha Sanyal, an economist at Barclays, in a research note on Monday.