US stock futures tipped lower on Monday but were still set for strong monthly and quarterly gains as investors waited to hear Jerome Powell speak in the run-up to the crucial monthly jobs report.

Dow Jones Industrial Average futures ( YM=F ) slipped roughly 0.1%, coming off a record high hit to end a strong week . Futures on the S&P 500 ( ES=F ) were down 0.2%, while those on the tech-heavy Nasdaq 100 ( NQ=F ) slipped 0.3%.

The Wall Street indexes were still eyeing a monthly gain heading into the last trading day of September, typically the cruelest month for stocks. The Federal Reserve's jumbo interest-rate cut and signs of resilience in the US economy have lifted confidence, helping stocks post three weekly wins in a row.

Investors are now bracing for the September jobs report, due out on Friday, seen as posing an important test for the recent rally . The pressing question is just how quickly the labor market is slowing, as the market weighs whether the Fed has acted aggressively to protect a healthy economy or to help a flailing one. Fed Chair Powell's comments on the outlook for the economy on Monday afternoon could help settle that debate.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

A growing pile of profit warnings from automakers clouded the mood early Monday. Stellantis ( STLA , STLAM.MI ) shares tumbled 13% after the Chrysler parent slashed its margin outlook , citing supply chain disruption and weakness in China. General Motors ( GM ) and Ford ( F ) were both down over 3% in tandem. Luxury automaker Aston Martin ( AML.L ) also warned on earnings .

Overseas, China's benchmark stock index ( 000300.SS ) posted its biggest gain since 2008 , entering a bull market, as buyers rushed in ahead of a weeklong holiday. Investors are seen as afraid of missing out on a boost from Beijing's stream of stimulus measures , which have also juiced US sentiment.

But in Japan, the Nikkei 225 ( ^N225 ) tumbled as Shigeru Ishiba’s surprise victory as likely future leader wrongfooted investors betting on his easing-friendly rival.

Oil prices swung after rising as Israel stepped up its attacks in Lebanon , as traders weighed the likely boost from China's measures to boost the world's second-biggest economy.

Also in focus was California governor Gavin Newsom's veto of the US's first bill aimed at regulating large-scale AI, seen as a win for Big Tech.