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

Dow Jones Industrial Average futures () slipped roughly 0.1%, coming off a record high hit to end a strong week. Futures on the S&P 500 () and the tech-heavy Nasdaq 100 () slipped 0.2%.

The Wall Street indexes were still eyeing a monthly gain heading into the last trading day of September, typically the cruellest 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. 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 steadied 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. West Texas Intermediate (CL=F) futures slipped to trade near $68, paring earlier gains, while Brent crude futures (BZ=F) dipped to under $72.

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.